USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.9657.
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 0.9657.
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
This pair has continued its upwards run, showing a little bullish momentum in breaking up above the resistance level at 0.9657 which now has probably flipped to support. We are not far above that level and have been more or less in a consolidating pattern, so it may be fairly unreliable. Although this pair is in a long-term bearish trend, I see no obvious sign that we are going to move back into line with that trend, with the CHF being fairly weak.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.