USD/CHF Signal Update
Yesterday’s signals were not triggered, as although there was a clear bearish reversal at 0.9727, it did not occur until after London had closed.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9680, 0.9649, 0.9621 or 0.9580.
Place 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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trades
Go short after bearish price action on the H1 time frame following the next touch of 0.9727 or 0.9800.
Place 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.
Take off 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
This pair followed yesterday’s strong movement in the EUR/USD which was driven by fears over what the ECB might do today. The price reversed right at the technical level of 0.9727 which might come into play again, and there are now several levels not too far below where we might expect a bullish bounce.
This pair had been in an increasingly convincing downwards trend, but since reversing bullishly at a very key level of 0.9500, it is the upwards movements that are now looking to be more impulsive.
I have no bias overall.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.