Yesterday’s signals were not triggered, as the bearish price action took place above 1.0059.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 1.0059.
* 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.
Long Trades
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9997 or 0.9958.
* 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.
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
Yesterday was simply a move up followed by a move down, after the news – in other words, a spike. The medium-term trend is bullish, the long-term trend still technically bearish. Longer-term charts show the action is quite congested, so there are likely to be better opportunities trading other currency pairs. There is little else to say about the current picture except the support below should be good for a bullish bounce if it is reached quickly.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data 1:30pm London time.