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 the next touch of 0.9648.
* 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 an entry into the zone between 0.9821 and 0.9850.
* 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
After falling sharply, we saw a lot of buying at and below the key round number of 0.9700 and the price has been rising quite steadily since. It seems that the USD is putting in something of a recovery, at least as at the time of writing. However the area just below the crucial level of 0.9850 is likely to provide some resistance and might even halt the advance. Be careful taking a short there as so far the move up looks very solid, also bear in mind the U.S. is closed today so the market will probably be thinner than usual during New York business hours.
There is nothing due today concerning either the CHF or the USD.