USD/CHF Forex Signal
|Yesterday’s signals may have produced a short trade from the semi-pin candlestick rejecting the resistance level identified at 1.0045 on the hourly chart. If taken it would probably be wise to exit now as it is more or less at break even and looks very indecisive.
Today’s USD/CHF Signals
Risk 0.75%.
Trades may only be taken until 5pm London time today.
Short Trade
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Go short following a bearish price action reversal upon the next touch of 1.0110.
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Put 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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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 upon the next touch of 1.0028 or 0.9986.
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Put 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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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 yesterday that as the resistance levels held, and it seemed bulls and bears would remain evenly balanced, so I thought both the nearest support and resistance levels were going to hold and the price was most likely to range. This was a good and broadly accurate call.
The U.S. Dollar is quite strong but is not advancing very strongly here. I think there is a weak likelihood of higher prices today if the price can get established above 1.0050. There will probably be better opportunities today in other Forex currency pairs.
There is nothing of high importance due today regarding the CHF. Concerning the USD, the Chair of the Federal Reserve will be making a minor speech at 5:45pm London time.
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