USD/CHF Signal Update
Yesterday’s signals might have produced a profitable short trade following the bearish inside bar rejection of the resistance level identified at 0.9894. It would probably be wise to close any remaining profit still on the table from such a trade.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered 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 0.9756.
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 0.9894 or 0.9930.
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
Things looked bullish 24 hours ago, in spite of the lack of any true long-term trend, but now the price has rejected resistance and broken below its bullish channel, the situation looks choppier. At the time of writing the price is sitting on support at around 0.9850 but so far it does not look convincingly held, so it does not look as if we will get a good long opportunity here. Therefore it looks like there is just going to be choppy action today without any obvious opportunities. If the price does fall it has a lot of room to drop.
Concerning the CHF, there is nothing due. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.