USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no suitable bearish price action off 0.9792 during yesterday’s London session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of the bullish trend line currently sitting at around 0.9750.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Go long after bullish price action on the H1 time frame following the next entry into the zone between 0.9700 and 0.9676.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short after bearish price action on the H1 time frame from 0.9792.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
The hourly chart below shows an interesting story: price is being compressed, consolidating between the bullish trend line currently sitting in a confluence with the key psychological level of 0.9750, and the seemingly strong resistance I had previously identified at 0.9792. The compression suggests that a breakout either side is likely to be quite strong, but the news this afternoon concerning the USD would probably have to be quite unexpected to produce such a real breakout. The safest option could be to be positioned long or short off a rejection of either level and hope for the best.
There is nothing due concerning the CHF. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.