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 only be taken before 5pm London time today, during the next 24-hour period.
Short Trades
Go short following a bearish price action reversal upon the next touch of 0.9913 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 Trade
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9810.
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 there was again no meaningful change to the technical picture which was still gently bearish, with the price chart below dominated by descending trend lines below the parity level, exerting gentle downwards pressure on the price. It still seems likely that retracements to the areas of resistance starting at about 0.9880 will remain the best trade opportunities in this pair. The only new development making the picture slightly more bearish still is the new descending trend line shown in the price chart below which is currently sitting at about 0.9880. If the price can break convincingly below the support level at 0.9810, that would be another bearish sign, as the price would have a lot further to fall before encountering the next support level. I have a weakly bearish bias below 0.9880 and a stronger bearish bias below 0.9810.
There is nothing due today concerning either the CHF or the USD.