USD/CHF Forex Signal
|Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s USD/CHF Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trades
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Short entry following a bearish price action reversal upon the next touch of 1.0035 or 1.0046.
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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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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 Trades
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Long entry following a bullish price action reversal upon the next touch of 0.9986, 0.9971, or 0.9957.
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Place 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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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 last Thursday that higher prices were still likely to happen, but there were two key resistance levels not far away. I thought that we would see the price hit at least 1.0035 that day. I was wrong.
The price has held up, although I’ve had to adjust the nearest support level down slightly. Just as the market opened in Tokyo, there was a crazy spike, which unfortunately can happen with the Swiss Franc as liquidity can be very thin and there is sometimes strange manipulation by the SNB. The resistance levels held, and it seems bulls and bears will remain evenly balanced today, so I think both the nearest support and resistance levels are going to hold and the price is most likely to range.
There is nothing of high importance due today regarding either the CHF or the USD.
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