USD/CHF Signal Update
Yesterday’s signals produced a nicely profitable long trade off the rejection of the support at 0.9935 by the bullish engulfing candle that occurred on the H1 chart early in the London session. Note how the price travelled all the way to the next identified resistance level at 1.0051. It would probably be a good idea to keep some of this position for the longer-term if you have any left.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following a first touch of 0.9935.
* 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 ride.
Short Trade 1
* Short entry after bearish price action on the H1 time frame following a touch of 1.0091.
* 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 trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CHF Analysis
Yesterday was a great day for trading the more obvious support and resistance levels and this pair was one of the best, as both the support at 0.9935 held to produce a move of about 120 pips, before the price turned later at obvious resistance. I am not looking to short again at 1.0051 as we have already had a touch there last night, and also as there is a long-term bullish trend and what has turned out to be very strong support below. I think we are going to reach 1.0091 and I would want to see that rejected convincingly before looking to take any short trades.
There is nothing due today concerning either the CHF or the USD.