USD/CHF Signal Update
Yesterday’s signals were not triggered as there was not sufficiently bullish price action at 0.9580.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 0.9500.
Place 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.
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 0.9600 or 0.9622.
Place 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.
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 continued the downwards move in line with the long-term trend. The support at 0.9580 broke fairly easily. The half number at 0.9550 held up better, and it looks as if the area around 0.9660 or so is now going to act as minor resistance if retested.
The very big psychological number of 0.9500 is not far below now and could provide a profitable long trade.
It could be possible to short a return to 0.9550 first, but I’d prefer to wait for the round number at 0.9600 before looking for a short trade again.
There are no high-impact events due today concerning either the CHF or the USD.