Yesterday’s signals were not triggered as the bearish rejection of the resistance level identified at 0.9761 did not take place until after the specified time session.
Today’s USD/CHF Signals
Risk 0.50% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trades
- Short entry after bearish price action on the H1 time frame following the next touch of 0.9761 or 0.9812.
- 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 run.
Long Trades
- Long entry after bullish price action on the H1 time frame following the next touch of 0.9654 or 0.9593.
- 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 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
This pair continues to behave very technically, again respecting a key level, this time the resistance at 0.9761 which was hit and rejected for a third time during the London / New York overlap session yesterday. The price now looks to be heading down to touch a supportive trend line, where it may hold 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.