Last Thursday’s signals were not triggered, as the price never reached 0.9904 that day.
Today’s USD/CHF Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trades
- Go short following a bearish price action reversal upon the next touch of 0.9856, 0.9865, or 0.9904.
- Place 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 last Thursday thatoverall, due to the uncertain signs here, I had no directional bias and would avoid trading this pair. It seemed there was minor resistance between about 0.9850 and 0.9865. That was a good call on the resistance, as after rising that day, the price topped out at 0.9865 before falling again. The short-term action is bullish after the price was supported repeatedly in the 0.9800 area, although there are no key support levels for some way below that. The best opportunity which looks likely to set up today would be a bearish reversal somewhere between 0.9850 and 0.9865. The Swiss Franc has been strong, but the repeated rejections of the 0.9800 do suggest a short-term bullish move, so I think 0.9850 will be hit today.
There is nothing important due today concerning either the CHF or the USD.