USD/CHF Forex Signal
|Last Thursday’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 entered before 5pm London time today only.
Short Trade
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Short entry following a bearish price action reversal upon the next touch of 0.9896.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
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Long entry following a bullish price action reversal upon the next touch of 0.9823.
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Place the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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Take off 50% of the position as profit when the price reaches 25 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 last Thursday that it may be best to trade other currency pairs at present where there looks like being more movement and opportunity. This was a good call as the price here continues to go sideways. The action is elsewhere, and the Swiss Franc is not even acting as much of a safe-haven now, even when stocks fall. This pair is probably best avoided today.
There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.
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