USD/CHF Signal Update
Last Thursday’s signals expired without being triggered as the price never reached either of the key levels during that day’s London session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of the bullish trend line currently sitting at around 0.9600.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 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
Long entry after bullish price action on the H1 time frame following the next touch of 0.9537.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 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
This pair has been looking one of the most bullish lately, with support holding again and again, especially at 0.9537, and a supportive bullish trend line holding quite steeply since about two weeks ago, as shown in the chart below.
On Thursday we bounced off a 3 month high at 0.9710 and while a bullish breakout looked likely, the price actually reversed. This level might prove to be resistant again.
A strong break below the trend line could see a sharp fall, but as long as we hold above that trend line, a bullish breakout beyond 0.9710 looks increasingly likely.
There is nothing due today regarding the CHF. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.