USD/CHF Signal Update
Last Thursday’s signals were not triggered as the bearish rejection of 0.9894 did not produce a next bar break down for a short trade entry.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 0.9844.
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 0.9894 or 0.9930.
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
We can see looking at the chart below how the bullish momentum has slowed, with the bullish channel giving way to a range between 0.9844 and 0.9894.
There is no long-term trend, which makes this pair ideal for quick support and resistance rejection trades.
The level at 0.9894 is still acting as resistance but I am wary of it today as it looks as if it could finally be broken, in which case it would make sense to look for resistance at 0.9930.
There is nothing due today concerning either the CHF or the USD.