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 between 8am and 5pm London time today only.
Short Trade
Short entry following a bearish price action reversal upon the next touch of 1.0110.
Put 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 upon the next touch of 1.0009 or 0.9988.
Put the stop loss 1 pip below the local swing low.
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 25 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 yesterday that a strong and sustained break above the upper trend line of the price channel, currently sitting at about 1.0040, would be a bullish sign and I would be bullish then, also if there were a retracement and strong bullish bounce at 0.9988. The price chart below shows there has been such a break, but it cannot truly be called strong, so I think this does not really qualify as a strictly bullish scenario. However, all the technical still suggest continued upwards movement and the U.S. Dollar is generally strong, and there are no key resistance levels preventing a continuation of the upwards movement until 1.0110. Therefore, I would be bullish today above 1.0060.
There is nothing important due today concerning the USD. Regarding the CHF, Chair of the Swiss National Bank will be giving a minor speech at 6:15pm London time..