Today’s USD/CHF Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Short Trades
Short entry following a bearish price action reversal upon the next touch of 0.9755 or 0.9810.
Put 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.
Remove 50% of the position as profit when the price reaches 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 failed for several sessions now to break the 0.9758 resistance barrier, giving a strong impression that the pair would prefer to keep the correction to the downside. The pair is stable around 0.9690 and a break below the support level at 0.9640 indicates that a bearish trend can emerge soon. Any ease in US dollar gains will give the Swiss franc the opportunity to make gains since it is a favourable safe haven. I still recommend buying the pair on bearish bounces.
Regarding the CHF, there will be the release of the Swiss PPI data. Regarding the USD, here will be the release of consumer price index and jobless claims data.