USD/CHF Signal Update
Yesterday’s signals were not triggered as we did not get any set-ups off either key level until after the London session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered 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 0.9597 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 Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 0.9635.
* 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 price is stuck between support just below the round number at 0.9600 and resistance at about 0.9640. Action has been quite constrained and choppy even though this pair has now officially begun, according to my own technical definition, a long-term downwards trend, with the price now trading below its historical levels of 3 months and 6 months ago.
The price may well consolidate in this zone for a while.
There is nothing due today concerning the CHF. Regarding the USD, there will be releases of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time.