Last Thursday’s signals were not triggered as there was no suitable price action when key levels were reached.
Today’s USD/CHF Signals
Risk 0.75% 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 0.9717.
- 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 Trades
- Long entry after bullish price action on the H1 time frame following the next touch of 0.9593 or 0.9579.
- 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 is in a strong downwards trend and has continued to make new lows. It looks like none of the key levels will be reached today and as it is a holiday in Switzerland, any opportunities are more likely to be expressed in the highly correlated EUR/USD currency pair.
There is nothing due today concerning the CHF. It is a public holiday in Switzerland. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI at 3pm London time.