USD/CHF Signal Update
Yesterday’s signals expired without being triggered as the price did not reverse off the bearish trend line until after London closed.
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 a touch of 0.9550.
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 ride.
Long Trade 2
Go long after bullish price action on the H1 time frame following a touch of 0.9500.
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 ride.
Short Trade 1
Go short after bearish price action on the H1 time frame following the next touch of 0.9800.
Put the stop loss 1 pip above the local swing high.
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 ride.
USD/CHF Analysis
The short-term bearish trend line I identified yesterday was broken shortly after London closed yesterday. However the price is finding it very difficult to really move up and at the time of writing looks like it will fall back down after reaching local resistance at the psychologically key level of 0.9750.
There are no key support levels anywhere nearby. There is resistance at 0.9800 and in the unlikely event of price spiking up there today, it would probably provide a good shorting opportunity.
There is nothing due today regarding either the CHF or the USD.