USD/CHF Signal Update
Yesterday’s signals produced a profitable long trade following the bullish pin candle rejecting the given support level at 0.9756, although it was only good for about 20 pips of profit.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9726 or 0.9654.
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 1
Short entry after bearish price action on the H1 time frame following the next touch of 0.9862.
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 has been mirroring the EUR/USD currency pair in many ways: no long-term trend and not much opportunity to make money trading it. However with this situation comes greater reliability of good support and resistance levels for making at least a few pips, and the support level at 0.9756 gave this opportunity yesterday after New York opened.
However the price has fallen below this level now and although it may have flipped to become good resistance, it is not a level I would be looking at just yet. This leaves 0.9726 below which looks likely to be very solid and so should be watched carefully if and when the price gets there.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.