Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today, during the next 24-hour period only.
Short Trades
Short entry following a bearish price action reversal upon the next touch of 0.9945 or 0.9985.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9871.
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.
Remove 50% of the position as profit when the price reaches 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
I had no bias last Thursday beyond seeing the price as likely to turn bearish the closer it retraced towards 1.0000, but it never got close to that level anyway. The technical picture is essentially still weakly bearish as the descending trend line shown in the price chart below continues to dominate the picture. The nearest resistance level at 0.9945 has continued to hold while the nearest support level at 0.9871 has not even been touched yet, so it should be said that there are no important changes here. I take no directional bias today as trading is likely to be thin due to the public holidays in London and New York.
There is nothing due today concerning either the CHF or the USD. It is a public holiday in the United States today.