Yesterday’s signals were not triggered, as there was no bullish price action at 0.9993 or 0.9971.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Short Trades
- Go short after bearish price action on the H1 time frame following the next touch of 0.9971 or 0.9993.
- 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 0.9929, or 0.9900.
- 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
This pair was dragged down yesterday by the highly positively correlated EUR/USD currency pair. It easily cut through anticipated support levels which clearly look to have been flipped to become support, which is a bearish sign. Despite that, the same movements can probably be traded with better opportunity today in the EUR/USD currency pair.
There is nothing scheduled today concerning the CHF. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.