Yesterday’s signals were not triggered as there was no bearish price action at 0.9961.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trades
* Short entry after bearish price action on the H1 time frame following the next touch of 1.0010 or 1.0059.
* 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.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9941.
* 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.
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 short-term bullish move looks very strong and needs to cool off. I was right as the move did continue, and although it has slowed, it seems to have established a new supportive zone between 0.9958 and 0.9941. A long trade might be taken following a bullish bounce at the lower end of that band.
If the price reaches the parity level, there is likely to be some selling, so a short could be taken from a bearish bounce off 1.0010.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 12:30pm London time.