Last Thursday’s signals were not triggered as there was no sufficiently bullish price action at any of the supportive levels that had been identified.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.0059.
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 1.0139.
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
The bullish trend has slowly died, and earlier the price broke below the supportive trend line which had been holding it up. However, as at the time of writing, the price is making a strong bullish move and seems to be breaking up past the resistance level of 1.0111, which suggests the price is likely to be on its way to 1.0140. If the price can get established above there, it would suggest that the long-term bullish trend would be resuming. If not, then it would look as if the price is going to ping-pong between support and resistance between 0.9960 and 1.0140.
There is nothing due today concerning either the CHF or the USD.