Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Protect all open trades by 5:30pm.
Long Trades
* Go long after bullish price action on the H1 time frame following the next touch of 1.0059 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 Trades
* Go short after bearish price action on the H1 time frame following the next touch of 1.0111 or 1.0139.
* 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
There is no long-term trend, although over the long-term this pair is closer to a bullish rather than bearish outlook.
The price remains stuck between 1.0059 and 1.0111 with key levels being quite effective in providing turning points. Over the medium-term, the bears have the upper hand.
The best way to trade this pair before the FOMC release due later would probably be to look for a reversal off a key level.
There is nothing due today regarding the CHF. Concerning the USD, there will a release of CPI and Retail Sales data at 12:30pm London time, followed by Crude Oil Inventories at 2:30pm and the FOMC Statement, Economic Projections and Federal Funds Rate at 6pm, and then the usual press conference half an hour later.