USD/CHF Signal Update
Last Thursday’s signals narrowly missed triggering a short trade as the resistance level at 0.9688 was missed by just a few pips.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 0.9688 or 0.9742.
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
The pair is in a downwards trend, with risk-off money flowing into the Swiss Franc among other destinations. However it is relatively quiet compared to Gold and USD/JPY.
Technically, the price has at the time of writing just bounced off a double bottom at 0.9580. This might be the low for today, but I am not trading on that: it is uncertain and against the prevailing trend.
The next solid support is at 0.9500 which should hold for some time.
There is nothing due today concerning either the CHF or the USD.