USD/CHF Forex Signal
USDCHF Analysis: Direction now very unclear
Yesterday’s signals were not triggered, as the bullish price action took place a little way below the support level at 0.9847.
Today’s USD/CHF Signals
Trades may only be entered between 8am and 5pm London time today.
Short Trade Ideas
Go short following a bearish price action reversal upon the next touch of 0.9860, or 0.9885.
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 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.
I wrote yesterday that the price was now looking weakly bullish above 0.9860, and the U.S. Dollar was generally strong, so the odds seemed to suggest slightly higher prices over the coming hours. This was not a great call as the price actually fell a little over the past 24 hours.
The chart and the price action both look messy and unpredictable. The only stand out feature which might have good probability is the resistance level at 0.9885 which looks likely to hold if it will be hit later today. Other than a short scalp off a rejection of that level, I would look to avoid trading this currency pair today.There is nothing of high importance due today regarding the CHF. Concerning the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time.
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