USD/CHF Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9580 or 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 0.9684 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 the low at 0.9580 might have been the low for the day and this proved to be true. The support there is looking more solid and at the time of writing, there seems to be minor support developing at 0.9600 as well. The British referendum odds are creating a more risk-on sentiment which is weakening the Swiss Franc somewhat, although not so much against the USD, but enough to firm up the bottoms on this pair as long as the sentiment lasts.
There is nothing due today concerning the CHF. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by FOMC Member Powell speaking at 7:30pm.