USD/CHF Signal Update
Yesterday’s signals were not triggered as the level at 0.9600 was not reached before the London close.
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
Long entry after bullish price action on the H1 time frame following the next touch of 0.9500.
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 Trades
Short entry after bearish price action on the H1 time frame following the next touch of 0.9688 or 0.9742.
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
I wrote yesterday that this pair continues to be relatively quiet and this continues to be true in spite of the FOMC release. However the price has now broken below 0.9600 with the nearest surviving support level now sitting at the psychologically key number of 0.9500.
The SNB are reporting today so this pair may get more volatile and interesting.
Concerning the CHF, there will be a release of the SNB’s Monetary Policy Assessment and LIBOR Rate data at 8:30am London time, followed by the usual Press Conference. Regarding the USD, there will be releases of CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm.