USD/CHF Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today.
Long Trade 1
Go long if price breaks above 0.9450 by 9am London time.
Place 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.
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
Go short after bearish price action on the H1 time frame following a re-entry into the zone between 0.9580.
Place 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.
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
I was right about 0.9700 being a resistive area as this pair has turned so bearish it wasn’t really able to even push up there, just falling heavily and steadily instead.
I had anticipated that some old, reliable support at 0.9417 might kick in and in fact it has halted the continuing sharp downwards move that has occurred during the Asian session that just finished.
After such strong moves we may get a retrace now so there could be an opportunity to get long shortly after London opens, if we can break up from here with some momentum past the recent swing high at 0.9450.
There is probably local resistance at the key psychological level of 0.9500.
There is nothing due today concerning either the CHF or the USD.