USD/CHF Signal Update
Yesterday’s signals produced a losing long trade from the bullish inside candle rejection of the support level identified at 1.0121.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following the next touch of 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 Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 1.0118.
* 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 finally broken down from the higher end of its recent range in a bearish way, but looks to have reacted quite bullishly at the key support level of 1.0060 during the Asian session. At the time of writing, the price is struggling to get above 1.0080 which was a double bottom over recent days. If the price fails to clear 1.0080 today, it will be a bearish sign. However, another strong bounce at 1.0060 if the price dips down there again could be a good long trade entry.
There is nothing due today regarding either the CHF or the USD.