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 may only be taken between 8am and 5pm London time today.
Short Trade
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Go short following a bearish price action reversal upon the next touch of 0.9982.
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Put 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 Trade
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Go long following a bullish price action reversal upon the next touch of 0.9823.
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Put the stop loss 1 pip below the local swing low.
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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 25 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 price here continues to go sideways, and that this pair was probably best avoided for the day. The action turned out to be a little bearish, and the price chart below shows that we can draw a slight, short-term bearish price channel which may have some technical effect, although I would not want to rely upon it. There could now be opportunities to trade reversals at either of the key levels or channel trend lines in either direction – I have no bias towards either long or short trades.
There is nothing important due today concerning either the CHF or the USD.
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