USD/CHF Signal Update
Last Thursday’s signals were not triggered as the price did not hit any of the key levels that day.
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 1.0110.
* 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 the bullish trend line currently sitting at around 1.0065.
* 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.
Short Trade 2
* Go short after bearish price action on the H1 time frame following a touch of 1.0327.
* 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 expected, this pair found some resistance at the key psychological level of 1.0250. There is also resistance a little higher than that, at 1.0327, and above that there are multi-year highs. This pair is in a well-established bullish trend so the question for trend traders is where the pullback will end. There is obvious support at 1.0110 and a little below there too. However it is possible that the area close to the round number at 1.0200 down to about 1.0175 may hold any pull back and provide a Launchpad for the price to take off again.
Concerning the USD, there will be a release of ISM Manufacturing data at 3pm London time. There is nothing due regarding the CHF.