USD/CHF Signal Update
Yesterday’s signals were not triggered although the price did get very close to 0.9900, from which it fell.
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 0.9820.
* 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 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 the next touch of 0.9900.
* 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 the next touch of 0.9987.
* 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
My forecast yesterday was broadly right. The key levels all held and the technical picture has not changed at all, although unfortunately we did not quite reach 0.9900 as there was a bearish reversal just there as anticipated.
After the FOMC release, I suspect that if we hit 0.9987 this would be very strong resistance and a great place to look for a good short trade.
We can expect key support close to 0.9820.
There is nothing due today concerning the CHF. Regarding the USD, there will be releases of PPI and Building Permits data at 1:30pm London time, followed later by the FOMC Meting Minutes release at 7pm.