USD/CHF Signal Update
Yesterday’s signals produced a losing trade off the bearish inside candle early in the London session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9820.
* 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 the next touch of 0.9900.
* 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.
Short Trade 2
* Short entry after bearish price action on the H1 time frame following the next touch of the confluence at 0.9987.
* 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
I was right to be cautious about going short off 0.9850 as the advance was truly solid, and carried beyond that area of resistance, bringing us to within sight of 0.9900 which is another key level at which we may see a bearish reversal, if it has not happened already. Above that there is a really solid looking area of resistance where two old trend lines are confluent with the horizontal level at 0.9987.
We can expect key support close to 0.9820.
There is nothing due today concerning either the CHF or the USD.