USD/CHF Signal Update
Yesterday’s signals were not triggered as the bullish price action occurred a little way below the identified support level at 0.9777.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Make sure trades are protected by 6:30pm at the latest.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9781, 0.9762, or 0.9707.
Place the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trades
Go short after bearish price action on the H1 time frame following the next touch of 0.9816 or 0.9894.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
I wrote yesterday that a sustained break above 0.9816 would be a very bullish sign. We did not get that break. The price is still consolidating more or less between the support levels and this resistance at 0.9816.
As we have very big USD news approaching later today, it is probable that the price is not going to so much before then, and the news release could push the price anywhere. Therefore, any trades taken off the levels today should be closed out as quickly as possible for any profit available.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by all the FOMC releases at 7pm and the usual press conference.