USD/CHF Signal Update
Yesterday’s signals gave a long trade entry upon the double pin bars on the hourly chart during yesterday’s London session. The trade was good for a little more than 20 pips of profit before it was stopped out.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9580 or 0.9500.
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 0.9684 or 0.9742.
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
The support level identified at 0.9580 is holding well, again providing a floor for the price which has been moving up from there.
There may be resistance at around 0.9635, but it is beginning to look as if the price will reach 0.9684.
This pair is not in the spotlight so a lack of any strong, dramatic move is probable.
There is nothing due concerning the EUR. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by the release of Crude Oil Inventories at 3:30pm.