USD/CHF Forex Signal

Yesterday’s signals were not triggered, as there was no bearish price action at 1.0025.

Today’s USD/CHF Signals

Risk 0.75%.

Trades must be entered between 8am and 5pm London time today only.

Short Trade

• Go short following a bearish price action reversal upon the next touch of 1.0058.

• 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.

• 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

• Go long following a bullish price action reversal upon the next touch of 1.0025 or 0.9965.

• Put the stop loss 1 pip below the local swing low.

• Move the stop loss to break even once the trade is 20 pips in profit.

• 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 wrote yesterday that the picture was perhaps a little more bullish, so a test of the resistance at 1.0025 was quite likely to happen later today. I thought it would be significant if the price could get established above that level, and it was, with the move not running out of steam until it got close to the next resistance level at 1.0058.

There is no doubt that we have a medium-term bullish trend now in this pair, although to get very bullish we really should see the price above 1.0110 first.

If the price can get established above 1.0058 during the London session and trade there for a couple of hours, I would take a bullish bias.

There is nothing of high importance due today concerning either the CHF or the USD.