USD/CHF Signal Update
Yesterday’s signals were not triggered as none of the key levels were hit during the session.
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 0.9635.
* 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 Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 0.9775.
* 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
We have a fairly strong downwards thrust that has broken the support that had previously held the price up above the 0.9700 area a few times.
A quick look at a long-term chart shows this pair is well within an ever-narrowing consolidation with no really obvious breakout points. Therefore, moves are likely to be short-lived and difficult to predict, with no good trading opportunities except strong bounces off strong support and resistance levels. The nearest such level is at 0.9635 where there was a powerful double bottom some days ago.
There is nothing due today concerning the CHF. Regarding the USD, there will be releases of Building Permits and CPI numbers at 1:30pm London time.