Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75%.
Trades may be taken before 5pm London time today, over the next 24-hour period only.
Short Trades
Short entry following a bearish price action reversal upon the next touch of 0.9908 or 0.9936.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9936, 0.9908, or 0.9827.
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.
Take off 50% of the position as profit when the price reaches 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
I wrote yesterday that I had a bearish bias, and the price did spend most of the day falling a little, but not by much. None of the key levels were hit, and this pair is not something that the market is focused on, so it’s a pretty dull place to be trading right now. There is no change to the technical picture, and I think we will just see the price consolidate now between 0.9827 and 0.9908. I have no directional bias today.
There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.