Yesterday’s signals were not triggered as there was no bullish price action at 0.9936.
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 0.9909 or 0.9856.
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 0.9959.
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 price still looks bearish, but the momentum has slowed and we may be seeing the beginning of a consolidation above 0.9900. It is notable that the area between 0.9800 and 0.9900 is very pivotal and has acted as long-term support, so it would not a surprise if the downwards movement was halted here.
I include 0.9959 as potential resistance but I see that level as quite weak, with the level above it at 1.0010 likely to be much stronger.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Crude Oil Inventories at 2:30pm London time.