USD/CHF Signal Update
Yesterday’s signals produced a 20 pip winning trade following the bearish doji rejecting the key resistance at 0.9891.
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 0.9800.
* Put 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.
* 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
* Go short after bearish price action on the H1 time frame following the next entry into the zone between 0.9891 and 0.9903.
* Put 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.
* 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
As I anticipated yesterday, the price did reach 0.9891 which held as a level, producing a small winning short trade. The good news about pairs like this which are not really in either bullish or bearish trends is that they do tend to produce good opportunities in both directions to trade off rejections at key support and resistance levels.
The key levels are unchanged and still in force and very likely to hold again today until the FOMC releases due later after London closes, at which time anything might happen.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Building Permits and CPI data at 12:30pm London time, followed later by Crude Oil Inventories at 2:30pm and then the FOMC releases commencing at 6pm.