USD/CHF Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 0.9876.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9859, 0.9839 or 0.9809.
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
Go short after bearish price action on the H1 time frame following the next touch of 0.9946.
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
We are on the brink of a major trend confirmation: this would come with a bullish break up above 0.9946. As it happens, even the round number at 0.9900 is too much of an obstacle. The chart below shows a broad distributive double top, which suggests that the next short-term move will be a fall. However, there are plenty of support levels not far below where bulls will be likely to start buying.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of CPI data at 1:30pm London time.