Yesterday’s signals were not triggered as there was no bullish price action at 1.0048.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 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 1.0109 or 1.0155.
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
In line with the renewed strength in the U.S. Dollar over recent hours, this pair has made a move up, but the move was relatively small and has not managed to break any key resistance levels, at least not yet. The resistance at 1.0109 looks likely to hold today as we see from recent price action that the bullish move is already running out of steam. This is partly to do with the fact that the Swiss Franc has been relatively strong over recent days and weeks.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time, followed by Crude Oil Inventories at 3:30pm.