By: DailyForex.com
USD/CHF Signal Update
Last Thursday’s signals expired without being triggered as the price never quite reached 0.9850.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be taken from 9am to Noon New York time today.
Long Trade 1
* Go long after bullish price action on the H1 time frame following a first touch of 0.9850.
* 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.
Long Trade 2
* Go long after bullish price action on the H1 time frame following a first touch of 0.9800.
* 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 touch of 1.0051.
* 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 had seen the support at 0.9850 as providing the next probable entry opportunity and this level continues to hold. The volume will of course be very thin today and so probably there will not be much movement, and as we are already so close to 0.9850 as at the time of writing, it will be safer to wait until the later New York session before making any entry off a bullish bounce here.
It might be that we break down but bounce bullishly off the level at 0.9800 instead.
There is nothing due today concerning the CHF or the USD, it is also a public holiday in the U.K.