USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.9854.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken 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 0.9848.
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 0.9894 or 0.9930.
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 is now presenting an interesting picture, with the price firmly within a new bullish channel running parallel to the previous, broken bullish channel. Furthermore, the flow is definitely bullish, and this is confirmed by the flipped resistance to new support we have below at 0.9850. A retest of that level could be a very interesting point to go long, especially if there is confluence at that point with the new supportive lower channel trend line. Conversely, a rejection at key resistance followed by a break below that line could show a sharp fall is beginning, as after all, there is no long-term trend in this pair. However, the picture is beginning to look more bullish over the long-term.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.