Last Thursday’s signals were not triggered as the price action at 0.9963 was insufficiently bullish.
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 0.9936 or 0.9909.
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 1.0010 or 1.0059.
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
This pair has continued to fall as the Dollar continued to sell off, but the CHF is now advancing more slowly than most other currencies. The price here is getting close to an area that has been very pivotal in the past, which is likely to provide strong support and slow the fall. I see the support just above 0.9900 as stronger, but the truly pivotal and key level will probably be 0.9855 below that.
There is still no long-term trend.
There is nothing due today regarding either the CHF or the USD.