USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 0.9500.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken 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 0.9500.
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 Trades
Short entry after bearish price action on the H1 time frame following the next touch of 0.9600, 0.9622 or 96.50.
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
Yesterday was a strange day as there was a sudden and very strong reversal of fortune for the U.S. Dollar that didn’t seem to have been triggered by anything at all. After falling very strongly and even briefly getting below 0.9450, the pair then rose just as strongly. However the move is finally faltering now, seemingly.
It can be dangerous to trade in such an unsettled environment so it might pay to be very careful. It looks as if the 0.9500 could still be supportive, which the old resistance levels above are still intact. A lot will probably depend upon the U.S. data due later.
There are no high-impact events due today concerning the CHF. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by the ISM Non-Manufacturing PMI data at 3pm and Crude Oil Inventories at 3:30pm.