USD/CHF Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 0.9707.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9640 or 0.9593.
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 0.9740/0.9755 or 0.9816.
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
This pair has no long-term trend, but has been falling over the short term.
There is a bearish trend line above but I do not have much faith in it, preferring the zone from 0.9740 to 0.9755 as resistance. This area is confluent with the psychologically key price level of 0.9750 which could strengthen it further.
It is probably best to aim for relatively small profit targets in this longer-term consolidative environment, especially on a Monday such as today.
Concerning the CHF, the Chair of the SNB will be speaking at a conference at 10:30am London time. There is nothing due regarding the USD.