USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.9993.
Today’s USD/CHF Signal
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9949 or 0.9902.
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 1.0043.
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.
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 continues to look bearish, as defined by the medium-term bearish trend line in the chart below, and is still trading below parity. If it continues to fall and stay below 0.9900 then it will be back into its long-term congestion area and the long-term bullish trend will be well and truly over. The pair is behaving very much like an inverse of EUR/USD which I think is probably going to be a better pair to use if you want to trade against USD weakness.
There is nothing of high importance due today concerning either the CHF or the USD.