USD/CHF Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during that session.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.0083.
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
Short entry after bearish price action on the H1 time frame following the next touch of 1.0211 or 1.0249.
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.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CHF Analysis
I was more keen on a short trade yesterday than a long trade, and the short-time bias continues to be downwards, but unfortunately none of the key resistance levels were reached. The long-term bullish trend is looking weaker and weaker. A sustained break below the support at 1.0083 would be very significant so I expect bulls to put up a fight and be buying there, if that price is reached soon.
There is nothing due today regarding either the CHF or the USD.