Last Thursday’s signals were not triggered, as neither 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 only.
Short Trades
Short entry following a bearish price action reversal upon the next touch of 0.9953 or 1.0010.
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 0.9907, 0.9885, or 0.9827.
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 this pair was best avoided over the short-term, as the price seemed to be ranging, with no clear support or resistance levels anywhere nearby. In fact, the price began that day to move with more purpose as the U.S. Dollar was hit quite hard by President Trump’s comments on its perceived overvaluation, and we now have a more bearish picture with lower resistance levels. At the time of writing, the price is sitting on the support level at 0.9907. The best approach here is to watch whether this level breaks down or holds during the early part of the London session. I would be bearish if the price can get established below it, while not being so enthusiastic about being bullish above it.
There is nothing important due today concerning either the CHF or the USD.