USD/CHF Signal Update
Last Thursday’s signals produced a profitable short trade after the bearish break of an inside bar at 0.9549.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be made between 8am and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following a touch of the bullish trend line currently siting at around 0.9510.
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 ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.9648.
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 price reaches 20 pips in profit and leave the remainder of the position to ride.
USD/CHF Analysis
The resistance at 0.9550 has held but looks very much as if it is going to break, and it looks like it could give a sharp move upwards once it finally gives way. There is probably also further resistance above 0.9580 all the way up to 0.9648, which will probably be an excellent place to short if the price gets there, although that probably will not happen today.
A return to the short-term bullish trend line below will probably be an excellent long opportunity.
There are no high-impact releases due today concerning either the CHF or the USD.