USD/CHF Signal Update
Yesterday’s signals expired without being triggered because there was no bearish price action at 0.9450.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following a touch of 0.9384.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Long Trade 2
Long entry after bullish price action on the H1 time frame following a touch of 0.9248.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry after bearish price action on the H1 time frame following a touch of 0.9500.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Short Trade 2
Short entry after bearish price action on the H1 time frame following a touch of 0.9580.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
Yesterday saw a fairly strong move up, then a falling off that was almost equally as strong, and this was strange as the fall occurred very soon after the positive U.S. economic data. This is indication that the resistance level at 0.9500 is very strong and that is not surprising as it is such a psychologically key level. There are good opportunities when the price is really bouncing around in these strong waves.
When there are such large movements it helps to drop down a time frame to identify support and resistance levels. By dropping down to the hourly chart shown below, a supportive level can be seen at 0.9384. We are currently not far from there so that could be a good area at which to seek a long reversal.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.