USD/CHF Signal Update
Last Thursday’s signals were not triggered as none of the key price levels were reached during that session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered from 8am to 5pm London time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.0049 or 0.9993.
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 Trade 1
Go short after bearish price action on the H1 time frame following the next touch of 1.0155.
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.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CHF Analysis
This pair has been in a decline even before the bullish trend in the USD suffered a serious setback and deep pullback. However, the past few days have suggested that the price may be bottoming at the support level of 1.0050 and this would make sense from a psychological point of view with the parity level feeling like and important anchor.
It is hard to say what may happen next but if this support can hold for a while the path of least resistance will look more and more bullish.
There is nothing due today regarding the CHF or the USD. It is a public holiday in the U.S.A.