USD/CHF Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9640.
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 0.9845 or 0.9894.
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
If you look at a long-term chart of this pair then it can be seen that while there is technically a long-term downwards trend, the overall action is really choppy and there is no reason to be confident of any strong directional movement holding steady for very long. We are right in the middle of a consolidation between 0.9500 and 1.0000 which has been going on for about 4 months. I really want to see a clearer pattern develop before getting back into trading this pair.
There are probably going to be better opportunities elsewhere in the Forex market today.
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.