USD/CHF Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.9727.
Today’s USD/CHF Signals
Risk 0.50% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 0.9597.
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 0.9770 or 0.9798.
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
I was wrong yesterday about the double bottom being unconvincing as although it did truly look unconvincing, it was in fact the origin of an upwards movement that has so far given about 100 pips and taken out a presumed resistance level at 0.9727.
It is hard to say what will happen next as the pair is without and kind of long-term or even medium-term trend that can be defined confidently.
There is nothing of high importance due today concerning the CHF. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.