USD/CHF Signal Update
Yesterday’s signals were not triggered.
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 the bullish lower channel trend line currently sitting at around 1.0131.
* 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 1.0091.
* 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 3
* 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.
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
The pullback continues although it has not been as sharp a fall as I suspected would happen. We are approaching a very interesting point as the lower channel trend line is close by and a bullish reversal there could be the launching pad for a new surge up past the double top at the key resistance level of 1.0215.
I do not see any good areas at which to trade in between the trend line and 1.0215.
Regarding the CHF, there is nothing due today. Concerning the USD, there will a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.