USD/CHF Signal Update
Yesterday’s signals gave a losing long trade entry upon the bullish engulfing candle rejecting the anticipated support at 0.9580.
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 0.9684 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
The support level identified at 0.9580 has finally begun to break down, under the weight of the long term bearish trend.
The next key level is support at 0.9500 which is likely to be strong. We probably will not reach it during the London session today.
This pair is not in the spotlight so a lack of any strong, dramatic move is probable.
There is nothing due concerning the CHF. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.