USD/CHF Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Short Trade
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Go short following a bearish price action reversal upon the next touch of 0.9985.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trades
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9907 or 0.9885.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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
I wrote yesterday that the overall picture was muddled and messy and I thought trading this pair was going to best avoided. The trend line might have hold as resistance, but there was a support level so close by I saw it as more likely to ultimately break. This was a good call and predicted accurately the day’s action, but it was not much use. I am a little more bullish today as there is nothing obvious to stop the price rising, provided that the support level at 0.9907 holds. Even if it breaks, 0.9885 could work as support too.
There is nothing important due today regarding the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.
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