Last Thursday’s signals were not triggered as there was no bullish price action at 0.9896.
Today’s USD/CHF Signals
Risk 0.50% 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 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 Trade 1
- Long entry after bullish price action on the H1 time frame following the next touch of 0.9812.
- 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 does not move a lot these days, but we are seeing heavy resistances form above the price day after day, with several bearish trend lines continuing to hold. The nearest key resistance level at 0.9897 has become a little muddied, but may continue to hold. There are no major support levels before 0.9812. All these factors together suggest that the line of least resistance is likely to be downwards, but I think there are likely to be better opportunities elsewhere.
There is nothing due today concerning either the CHF or the USD.