Yesterday’s signals were not triggered, as there was no bullish price action at 0.9932.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be taken before 5pm London time today, over the next 24-hour period only.
Short Trade
Go short following a bearish price action reversal upon the next touch of 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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9887.
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 thought yesterday that the bulls looked very marginally stronger but that the greater potential over the long-term is downwards. The picture looks more bearish now, with the former support level at 0.9932 having become invalidated, while clear short-term bearish trend lines can be drawn linking highs in the price chart below. The price seems to be heading down towards the next support level at 0.9887 which looks like it could be very strong, so it will probably produce a bullish bounce. The long-term potential is bearish and I have a short-term bearish bias above 0.9887 today.
There is nothing important due today concerning either the CHF or the USD. It is a public holiday in the United States.