Yesterday’s signals were not triggered as none of the key levels were ever reached.
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 0.9761 or 0.9812.
· 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 ride.
Long Trades
· Go long after bullish price action on the H1 time frame following the next touch of 0.9654 or 0.9593.
· 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 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 continues to behave very technically, behaving itself and turning bearish clearly after rejecting the major resistance level at 0.9761 and breaking down below the supportive trend line shown in the chart below. The price action now looks very bearish and a continuing fall in the price seems very probable over the short-term now.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.