USD/CHF Forex Signal

Yesterday’s signals were not triggered, as none of the key levels were reached within the specified time.

Today’s USD/CHF Signals

Risk 0.75%.

Trades may only be taken before 5pm London time today.

Short Trades

• Go short following a bearish price action reversal upon the next touch of 0.9978 or 1.0010.

• 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.

• 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

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9922 or 0.9905.

• 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.

• 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 yesterday that I had no directional bias, and that the price remained likely to reverse at any key levels it reached. This was a good call as the price had no direction over the day and did reverse later at the support level of 0.9922. The picture looks more bearish now, with suggestions that 0.9922 will break down, but I still maintain no preferred direction and see reversals at any key level as an opportunity. It is worth being extra-cautious on any long trade from a bullish bounce at 0.9922 however.

There is nothing important due today concerning either the CHF or the USD.