USD/CHF Forex Signal

Yesterday’s signals were not triggered, as there was no bullish price action at either 0.9907 or 0.9885.

Today’s USD/CHF Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

Short Trades

• Go short following a bearish price action reversal upon the next touch of 0.9885 or 0.9905.

• 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.

• 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 Trade

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9827.

• 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.

• 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 resistance level at 0.9953 was probably going to be the day’s pivotal price, with a further fall likely if the price could not get established above it. This was a good call and reflected what happened over the day, as the price fell in line with the well-established medium-term bearish price channel, which can be seen in the chart below. We have new lower resistance levels which suggests that the price is going to continue to fall.

I have a bearish bias today as long as the price is below 0.9885.

There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.