USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0124.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time today.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following a touch of 1.0091.
* 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 1.0043.
* 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 3
* Long entry after bullish price action on the H1 time frame following a touch of 0.9976.
* 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 entry into the zone between 1.0215 and 1.0240.
* 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
This pair has continued on its strongly bullish trend, breaking and erasing the resistance that was previously sitting at around 1.0125. There is now no key resistance until the small zone around the 5 year high, above 1.0200. This was the price reached during January just before the enormous move in the CHF that occurred once the SNB uncapped the CHF from the Euro.
A positive FOMC report later today could cause this pair to take off and make that new 5 year high. It is certainly the pair that seems best positioned to take advantage of a strong USD, along with the EUR.
There is new support below at 1.0191.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.