Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.0048 or 1.0003.
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 1.0089.
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
The bullish trend is technically over, as the price is below its level from 3 months, yet a look at the chart below shows that over recent days there has been a weak bullish movement in force. The parity round number of 1.0000 is not very far below and this can usually be relied upon to be good support under normal conditions. The resistance level above at 1.0089 looks strong, so there will quite probably be an opportunity after a good move in either direction.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.