USD/CHF Signal Update
Yesterday’s signals were not triggered as the bearish price action took place a little above the resistance level identified at 1.0181.
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 1.0121, 1.0107, 1.0074 or 1.0060.
* 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
* Short entry after bearish price action on the H1 time frame following the next touch of 1.0176 or 1.0191.
* 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 again responded bullishly to positive USD data yesterday, but the price was unable to really get past the area of strong resistance just below the 1.0200 level, and has been falling back from there.
The level at 1.0107 could be especially interesting as support.
I still have a bullish bias due to the long-term trend, but the resistance above has proven to be very strong repeatedly over recent days.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm.