USD/CHF Signal Update
Yesterday’s signals were not triggered as 0.9727 was penetrated too bearishly before the price rebounded.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Protect any open trades by 6:30pm.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9700, 0.9680, 0.9649, or 0.9622.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade
Short entry after bearish price action on the H1 time frame following the next entry into the zone between 0.9800 and 0.9814 or a touch of 0.9774.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CHF Analysis
This pair can be said to be in a long-term bearish trend, but has recently found strong support at 0.9500 and risen from there with a seemingly impulsive move. The chart is suggesting that yesterday’s bounce off 0.9700 was fairly strong.
The most likely scenario will be quiet trading until the FOMC release, and if the FOMC release is positive for the U.S. Dollar, the upwards movement should continue quite firmly with this pair. This pair would be one of the key pairs to use to take advantage of a strong U.S. Dollar, based upon recent action.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time, followed later by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due concerning the CHF.