USD/CHF Signal Update
Yesterday’s Signals were carrying a long trade from 0.9725 and this made the minimum required 20 pips. A later entry was possible yesterday that gave only about 18 pips so could have been a loss if taken and not protected before Janet Yellen’s speech.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9650.
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
Short entry after bearish price action on the H1 time frame following the next touch of 0.9726.
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
Janet Yellen’s dovish comments sent this pair breaking down past the previously supportive level at 0.9726, and this should now become good potential resistance.
We are now very close to establishing a seriously bearish trend, but we really need to break below the key support level of 0.9650 in order for that to happen. At the time of writing we are very close to this level. There could be a major bullish reversal here as there is also a trend line just below this price, although it is not very obvious and is only worth noting as this level is important.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by Crude Oil Inventories at 3:30pm.