USD/CHF Signal Update
Yesterday’s signals expired as there was no bearish price action at 1.0179.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following a first touch of either of the triangle trend lines currently sitting at around 1.0055 - 40.
* 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 run.
Short Trade 1
* Go short after bearish price action on the H1 time frame following a touch of 1.0250.
* 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 trade is 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
This pair rallied yesterday. It took a while to break up past 1.0160 but it finally did and then came very close to the round number at 1.0200 before falling off during the Asian session overnight. At the time of writing it is back at 1.0160 again and may be finding some minor support there.
There is no doubt that we are in both a long-term and short-term upwards trend, but it is fairly weak. I have removed the line at 1.0179 as it wasn’t respected enough, so we have nothing between the old triangle and the key psychological number at 1.0250.
The price action as usual with this pair is fairly choppy so picking turning points in between these areas is probably going to be very difficult.
Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due regarding the CHF.