Yesterday’s signals were not triggered as none of the key levels were reached.
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 0.9761.
- 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 0.9654.
- 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
The price is consolidating and looks confused and very difficult to predict. It looks choppier than its sister pair EUR/USD, so any opportunities in this area will probably be better traded today in EUR/USD than in this pair.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of PPI data at 1:30pm London time.