Yesterday’s signals were not triggered as there was no bearish price action at the key levels reached during the London session.
Today’s USD/CHF Signals
Risk 0.50% 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 0.9996 / 1.0000.
- 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 0.9971 or 0.9929.
- 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
It was no surprise that the Euro fell today once “peak Euro” profit taking was reached in the aftermath of the victory of pro-establishment Emmanuel Macron in the French Presidential election, and that move in the EUR/USD was aided by some amount of renewed strength in the U.S. Dollar. Although the Swiss Franc has a high degree of positive price correlation with the Euro, it was a surprise to see the USD/CHF pair rise by almost twice as much, breaking through three bearish trend lines and three horizontal resistance levels which had looked well-established. What this pair will do next is anyone’s guess, but a sharp fall back to where it was 24 hours ago is the one thing that looks completely unlikely.
There is no real trend in this pair.
There is nothing due today concerning either the CHF or the USD.