Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trades
Short entry following a bearish price action reversal upon the next touch of 1.0025 or 1.0058.
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 price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trades
Long entry following a bullish price action reversal upon the next touch of 0.9965.
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 price reaches 20 pips in profit and leave the remainder of the position to ride
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 the price is now consolidating between 1.0025 and 0.9965 with bulls and bears both looking evenly matched. I thought that it was likely both levels and probably also the bearish trend line would hold over the course of the day, and I was correct.
The Dollar is strong and European currencies are generally weak, so the picture is perhaps a little more bullish, so a test of the resistance at 1.0025 is quite likely to happen later today. If the price can get established above that level, it would be a bearish sign.
I have no directional bias on this currency pair today.
There is nothing of high importance due today concerning either the CHF or the USD.