Last Thursday’s signals were not triggered, as there was no bullish price action when the price reached 0.9871.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be entered between 8am and 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 0.9913 or 0.9936.
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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9865 or 0.9810.
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 wrote last Thursday that I had a bearish bias. The price fell over the course of the trading session, being well below the support level shown by the London close. The price has recovered since then and regained a support level, at 0.9865, while also printing new lower support, pointing to more consolidative and uncertain price action. I would take a bearish bias today below 0.9865. Beyond the narrowing, the technical picture is still gently bearish, with the price chart below dominated by descending trend lines below the parity level, which is exerting gentle downwards pressure on the price.
There is nothing due today concerning either the CHF or the USD.