USD/CHF Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9859, 0.9839 or 0.9809.
* 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 Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 0.9946.
* 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 we are on the brink of a major trend confirmation: this would come with a bullish break up above 0.9946. The price did make a new high yesterday above 0.9910 but only by a few pips before falling back. However, the local lows at around 0.9875 have held and the price action still looks fairly bullish, so I see upwards movement as the most probable outcome today.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm.