USD/CHF Signal Update
Yesterday’s signals gave a profitable short trade off the resistance level identified at 0.9816, although it only gave the minimum possible 20 pips profit.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken 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 0.9777, 0.9762, or 0.9707.
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 0.9816 or 0.9894.
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
As the market is in a quiet mode waiting for bigger news later in the week, it is probably not surprising that the price made a double top at the resistance level of 0.9816 but is also being supported at the next support level of 0.9777.
The outlook is somewhat bullish and a sustained break above 0.9816 would be a very bullish sign.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.