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 0.9859 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 0.9908 or 0.9950.
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
I wrote last Tuesday that “I still see a move up to 1.000 as more likely than a serious fall.” Ironically, the first thing that happened that day was a sharp rise to just a pip or two below the key 1.0000 level, before the price fell sharply and eventually reached a low of 0.9858 at a key support level. The price is now recovering from there but will face a serious test at 0.9900.
Higher time frame charts suggest we had a real bearish turn off 1.0000 that may run for a while. However, the U.S. Dollar still looks bullish over the long-term, so I am expecting a recovery in price at some point during the coming week.
There is nothing due today regarding either the CHF or the USD.