USD/CHF Signal Update
Last Thursday’s signals produced a successful long trade after the bullish pin bar bounced off the support level at 0.9537.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9537.
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 trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Long entry after bullish price action on the H1 time frame following the next touch of the bullish trend line currently sitting at around 0.9510.
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 trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9418.
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 trade is 20 pips in profit and leave the remainder of the position to run.
USD/CHF Analysis
As expected, the price found support at the 0.9537 level. A short while ago from the time of writing, the price fell sharply to this level and bounced there, to the pip. This may again provide the low of the day, but the reversal does not yet seem mature and will take at least another hour to develop.
If the price breaks below that, there is also potential support at the bullish trend line. A break of the trend line could see a fall all the way down to 0.9418.
There is nothing due today regarding the CHF. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.