USD/CHF Signal Update
Last Tuesday’s signals expired without being triggered as the price did not reach 0.9800 that day.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following a touch of 0.9625.
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
Short entry after bearish price action on the H1 time frame following the next touch of 0.9800.
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
I wrote last Tuesday that the resistance level at 0.9800 would probably be effective but would not be reached that day. This is exactly what happened, it was reached yesterday and acted as good resistance.
I see new, higher support at 0.9625, above the already existing levels of 0.9550 and 0.9500.
If we reach 0.9800 again, it should hold unless this is after any very positive USD economic data that might come out early during today’s New York session.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time. The Chair of the Federal Reserve will be speaking at 10pm.