USD/CHF Signal Update
Last Tuesday’s signals were not triggered as there was no bearish price action at 0.9894 during that day’s London session.
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 0.9876 or 0.9839.
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 Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 0.9946.
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
We have seen more continuing bullishness in the USD and this has translated into a further move up for the price of this pair. The price is now threatening key long-term highs at around 0.9900 and has also printed increasingly higher support levels, the one at 0.9876 being especially close by to the current price.
It feels as if we are either going to break up past 0.9900 with some force, which should see the price reach 0.9946 quite quickly, or alternatively the price will fail here and probably drop quite quickly. We are certainly within a pivotal area.
If the price gets established above 0.9946, that will be a very bullish sign, and will signify the start of a new long-term bullish trend in this pair.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.