USD/CHF Signal Update

Yesterday’s signals were not triggered as none of the key levels were reached during the session.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades must be taken from 8am to 5pm London time today only.

Long Trades

• Long entry after bullish price action on the H1 time frame following the next touch of 1.0145 or 1.0083.

• 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 trade is 20 pips in profit and leave the remainder of the position to run.

Short Trade 1

• Short entry after bearish price action on the H1 time frame following the next touch of 1.0249.

• 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 trade is 20 pips in profit and leave the remainder of the position to run.

USD/CHF Analysis

I was correct yesterday in seeing short trades as the better opportunity than long trades in this pair, although the price never rose to the nearest resistance level so there was no implementation. There has been a significant move down but the price is now bouncing back after coming close to the support level at 1.0145. There is new resistance just above at 1.0210 but I am not confident in this level yet, 1.0249 looks much more solid.

There is still a long-term bullish trend.

(Click on image to enlarge)

There is nothing due today regarding the CHF. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 4pm.