USD/CHF Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered 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 0.9800.
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.
Long Trade 2
Long entry after bullish price action on the H1 time frame following a touch of 0.9739.
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 0.9900.
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 bullish momentum here continued for yet another day although the candles are showing signs that this move may be topping out a little short of the anticipated resistance at 0.9900.
There will probably be minor support at around 0.9840 and a stronger, key level at the round number of 0.9800.
The CHF is the weakest currency around right now so it is that side of the pair that is really driving things. A USD-positive FOMC later today would make this the logical pair to be long of.
Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 6pm London time. There is nothing due concerning the CHF.