Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.0000 or 0.9972.
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
Go short after bearish price action on the H1 time frame following the next touch of 1.0093.
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.
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
The steady and symmetrical bullish channel remains firmly in place. There have been no tests of any of the new support levels below that have been printed during the current upwards movement. Therefore, the outlook remains bullish, back in line with the longer-term trend. The resistance at 1.0093 could be a very pivotal point if reached, as it is becoming confluent with the upper resistant trend line of the dominant bullish channel, as shown in the chart below.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of PPI data at 1:30pm London time followed later by the Chair of the Federal Reserve testifying before Congress at 3pm.