Last Monday’s signals were not triggered as none of the levels were reached during the specified session.
Today’s USD/CHF Signals
Risk 0.50% 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 0.9996.
- 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 touch of 0.9896.
- 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 becomes more and more interesting, as the compression continues, with the support level at 0.9896 holding again and forming a triple bottom, while the resistant trend lines and horizontal levels continue to dominate the area between 0.9971 and parity. The longer this structure holds, the stronger the eventual breakout is likely to be, although this is unlikely to happen before the Non-Farm Payrolls data release tomorrow. This means either area could be a good fade trade if reached today.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.