USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.0080 and the lower level of 1.0055 was not reached until the Asian session.
Today’s USD/CHF Signals
Risk 0.50% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.0055.
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 1.0119.
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
The price is mostly respecting the levels I have identified, and volatility is really drying up anyway. The Forex market is quiet.
It seems as if the level at 1.0080 is now acting as resistance but I would not be comfortable with a short there, preferring the higher level at 1.0019.
The level at 1.0055 is looking less supportive but over the long-term this has been a pivotal number so I would not rule out a bigger bullish move eventually beginning from this area.
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.