USD/CHF Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9844 or 0.9756.
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 0.9894 or 0.9930.
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 looks as if it is making a real textbook turnaround, from bullish to flat to bearish. A short-term bearish trend line has been established and is holding and it looks as if it may well push the price down past the support level at 0.9844. If this level does not hold there could be a sharp fall all the way down to the 0.9750 area, although that is unlikely to happen before the FOMC release tomorrow.
Alternatively we may get buying at 0.9844 which could push the price up again to the 0.9900 area resistance.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.