Yesterday’s signals were not triggered as there was no bullish price action at 0.9909.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9909 or 0.9856.
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.
Short Trades
Short entry after bearish price action on the H1 time frame following the next touch of 1.0010 or 0.9950.
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.
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 if the price can break up above the bearish trend line shown in the chart below and the weak resistance at 0.9950, I would expect a period of consolidation. The level above it at 1.0010 likely to be much stronger.
The area close to 0.9850 is a very key area of long-term support, so it is not surprising that we get strong bullish bounces as and when the price gets closer to this area.
The highly-correlated EUR/USD is probably giving better trading opportunities than this currency pair.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims at 2:30pm London time, followed 15 minutes later by a speech from the Chair of the U.S. Federal Reserve.