USD/CHF Signal Update
Yesterday’s signals were not triggered and expired.
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 0.9950.
* 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
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9850.
* 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
* Short entry after bearish price action on the H1 time frame following the next touch of the broken trend line currently sitting at around 1.0060.
* 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
* Short entry after bearish price action on the H1 time frame following the next touch of the broken trend line currently sitting at around 1.0110.
* 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
This pair has just given an extremely clear example of how resistance can turn into support once it is broken and give the retail trader a great edge over the market when looking for entry. I’ve also noted before how this pair seems to respond particularly well to .00 and .50 price levels. We have seen both combine with the H4 chart below showing a double top at 0.9950 flipping to create a double bottom there almost to the pip.
Above, the broken long-term trend line will probably be a key test and as such provide resistance.
This pair is in a long-term chop so trading off support and resistance levels in either direction, especially in line with market sentiment which currently favours the USD, is likely to be a successful approach.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.