Last Thursday’s signals were not triggered as neither of the key levels were reached during that session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 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.
Long Trade 1
* Go long after bullish price action on the H1 time frame following the next entry into the zone between 0.9958 and 0.9941.
* 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.
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
I had thought that the strong bullish move in this pair was going to need time to cool off, and although it did consolidate for a while, it made another push up quite quickly, breaking and invalidating a key resistance level at 1.0010. There is potential support confluent with the parity level, but I would prefer to wait for a deeper pull back before going long. This pair really does not have a clear trend at present so a short reversal trade can also be sought at 1.0059.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of ISM Manufacturing data at 3pm London time.