USD/CHF Signal Update
Last Tuesday’s signals expired without being triggered as the price never reached any of the key levels.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must entered between 8am and 5pm London time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following a touch of 0.9625.
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 0.9550.
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 3
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 0.9740.
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
The bearish trend line I identified last Tuesday is still there, healthy and intact, and it might well come into play today, probably to provide another shorting opportunity. In the meantime 0.9650 has acted as local support, preventing the lower key levels from being reached. These should still be well supportive, unless the FOMC release tonight gives any major surprises.
There are no high-impact releases due today concerning the CHF. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.