USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at either of the key support levels that were reached during the session.
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 0.9707 or 0.9640.
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 0.9755 or 0.9816.
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 was unable to break up above the key resistance level of 0.9816, and the dovish release from the FOMC last night had the effect of weakening the USD and producing a large fall in this pair. The price has cut right through a couple of support levels and at the time of writing is even threatening the supportive round number at 0.9700, but does look as if it will probably stabilise there for a while.
This pair overall really has no long-term trend, especially now the USD has weakened further, so it doubtful there is going to be much of an opportunity here beyond small reversals at key support and resistance levels.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.