USD/CHF Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be made before 5pm London time today.
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 run.
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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 0.9710.
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 price reaches 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
Yesterday I forecast that 0.9650 would be likely to act as resistance. Over the past 24 hours the price has pulled back very close to that level before starting to fall again. The action over the medium-term looks bearish and suggests that the next stop is going to be the support at 0.9550. A break above 0.9550 is likely to produce another test of the bearish trend line which would be an excellent place to get short.
There are no high-impact releases due today concerning either the CHF or the USD.