USD/CHF Signal Update
Yesterday’s signals were not triggered as none of the key levels identified were ever reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 0.9910 or 0.9959.
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 1.0043.
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 wrote yesterday that this pair is starting to show some significant bullish developments, in the same overall direction as its sister pair EUR/USD, and events have certainly continued in this direction. There has been another push up and new resistance flipped to support at 0.9959, which is a bullish sign. The resistance at 1.0043 is still probably going to be very crucial in determining the medium-term future price direction.
It is too early be strongly bullish, but if this type of action keeps up for another day or two, the longer-term picture will begin to look bullish again.
There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.