Yesterday’s signals were not triggered as there was no bullish price action at 0.9929 or 0.9900.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trades
- Short entry after bearish price action on the H1 time frame following the next touch of 0.9900 or 0.9929.
- 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 0.9812, or 0.9788.
- 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
This pair was dragged down again 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. The pair is now in a long-term bearish trend, making multi-month lows, but this move can probably be exploited better by trading the EUR/USD currency pair.
There is nothing scheduled today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.