USD/CHF Signal Update
Last Thursday’s signals expired without being triggered.
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
* Go long after bullish price action on the H1 time frame following a first touch of 0.9935.
* 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.
Long Trade 2
* Go long after bullish price action on the H1 time frame following a first touch of 0.9850.
* 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.
Long Trade 3
* Go long after bullish price action on the H1 time frame following a first 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 run.
Short Trade 1
* Go short after bearish price action on the H1 time frame following a touch of 1.0051.
* 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
As I was forecasting last week, the strong upwards move finally did arrive as we held up above 0.9850, but the price has come crashing back down with the strong year-opening Asian session moves today, and is at the time of writing sitting right at former resistance which may well have turned into support. If the price turns here we may get a long trade. Alternatively, if the price continues falling to 0.9850 or even 0.9800, these could also be excellent levels for turns.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.