USD/CHF Signal Update
Last Thursday’s signals produced a nice and profitable long trade following the bullish pin bar rejecting the support level identified at 0.9707, marked in the chart below by the green up arrow. Hopefully some profit would be taken by now although the pair still looks bullish, because we already reached a strong resistance level at 0.9816.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 0.9777, 0.9762, or 0.9707.
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 0.9816 or 0.9894.
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
This pair is looking more bullish now, although it is still more range-bound than its sister pair EUR/USD which might be a better vehicle.
The key thing on the chart looks like the resistance at 0.9816. If it can be broken and the price holds above there, the pair will look considerably more bullish.
If the price can break above the 0.9900 – 1.0000 area over the forthcoming days and weeks, the pair will start to look really bullish.
There is nothing due today concerning either the CHF or the USD.