Yesterday’s signals were not triggered as neither 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.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 0.9961.
* 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
I wrote yesterday that the bullish pull back looked as if it would continue for a while, and it has in fact been very strong, although the nearest resistance level at 0.9961 has not yet been tested. The bullish Dollar move was really felt here and that is not surprising as the CHF is a “risk on” currency and the news producing the movement was “risk off”.
There is a long-term bearish trend but this short-term bullish move is very strong so I would be extremely careful in taking any trade against it, the price may need some more time to cool off first.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.