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

Today’s USD/CHF Signals

Risk 0.75%.

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

Short Trades

  • Go short following a bearish price action reversal upon the next touch of 1.0015.

  • Place the stop loss 1 pip above the local swing high.

  • Adjust 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 Trade

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

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

  • Adjust 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 the price looked like falling slowly – this was a good call as it did, however towards the end of the day the move down stalled and now the price seems to have reversed. This pair is not likely to be in focus today but may become interesting to trade at the time of the FOMC if it causes a spike to a key level and a reversal at that point.

 

USDCHF

There is nothing of high importance due today concerning the CHF. Regarding the USD, there will be releases of the FOMC Statement, Economic Projections, and Federal Funds Rate at 6pm London time, followed by the usual press conference half an hour later.

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