USD/CHF Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 1.0089.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
* Go long after bullish price action on the H1 time frame following a touch of 1.0093.
* 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
* Go long after bullish price action on the H1 time frame following a touch of 1.0043.
* 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 3
* Go long after bullish price action on the H1 time frame following a touch of 0.9976.
* 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0124.
* 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.
USD/CHF Analysis
This pair has been the strongest venue for the bullish USD as the CHF is linked to a weak Europe, and is subject to a central bank that wants to see a weaker currency, not to mention the negative interest rate.
The price pushed up past the previous resistance level of 1.0089 and is now testing the top of that resistance zone. The level at 1.0089 has now flipped to become probable support.
As the upwards move is so strong I am identifying new support levels based upon the H1 rather
than the H4 chart, as shown below.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of CPI data at 1:30pm London time.