USD/CHF Signal Update
Last Thursday’s signals were not triggered as none of the key price levels were reached during the session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9910 or 0.9855.
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 1.0043.
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 is starting to look interesting again. After the past month during which the bears have been driving the price down, there are some initial signs that the downwards trend may be coming to an end. I had thought this area close to 0.9800 could provide some stiffer support and this is what seems to be happening so far. Any change which might be happening is at an early stage but this is worth watching.
There is nothing due today concerning either the CHF or the USD.