Yesterday’s signals were not triggered as there was no bullish price action at 1.0034.
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 1.0111.
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 Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9997 or 0.9958.
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
There is little to say about this pair except that it has no long-term trend, although it does have a medium-term bullish trend. The price fell in line with the drop in the U.S. Dollar yesterday, but it seems to be recovering from an area close to the nearest support, just above the parity level. There are probably going to be better trading opportunities elsewhere.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of PPI and Unemployment Claims data at 1:30pm London time, followed by Preliminary UoM Consumer Sentiment number at 3pm.