Yesterday’s signals were not triggered as none of the key levels identified were ever reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.0000 or 1.0058.
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 1.0093.
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
The steady and symmetrical bullish channel remains firmly in place. However, despite the bullish picture, when the USD received a boost towards the end of yesterday’s London session, it tailed off quickly in this pair, which did not continue its advance. In recent hours, the price seems to have printed new flipped support at 1.0058 and begun to move up again. Therefore, the outlook remains bullish, back in line with the longer-term trend. The resistance at 1.0093 could be a very pivotal point if reached, as it is becoming confluent with the upper resistant trend line of the dominant bullish channel, as shown in the chart below.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of CPI and Retail Sales data at 1:30pm London time followed later by the Chair of the Federal Reserve testifying before Congress at 3pm, and Crude Oil Inventories numbers half an hour afterwards