Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trade
Short entry following a bearish price action reversal upon the next touch of 0.9982.
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.
Long Trade
Long entry following a bullish price action reversal upon the next touch of 0.9823.
Place the stop loss 1 pip below the local swing low.
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 25 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 could now be opportunities to trade reversals at either of the key levels or channel trend lines in either direction – I had no bias towards either long or short trades. There were no such chances arising yesterday, which is probably fortunate as the price here is essentially just going sideways. I think this pair is probably best avoided, there is little going on here and I don’t think there will be any good opportunities in the near future.
There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.