USD/CHF Signal Update
Yesterday’s signals may have triggered a nicely profitable short trade from a bearish reversal at the identified resistance level of 0.9908.
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 or 0.9839.
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
Go short after bearish price action on the H1 time frame following the next touch of 0.9908 or 0.9950.
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 have had another classic leg down from flipped support to resistance, so despite the long-term bullish trend, the picture is bearish and I expect the price to reach either 0.9859 or a level close to it soon. If this does not happen today or tomorrow it might not happen though as there is likely to be a lot of market turbulence during the second half of this week.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 2pm London time.