USD/CHF Forex Signal

Last Thursday’s signals were not triggered as there was no bullish action at a support level until 5pm London time had already been reached.

Today’s USD/CHF Signals

Risk 0.75%.

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

Short Trade

Short entry following a bearish price action reversal upon the next touch of 1.0111.
Put 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.
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

Long entry following a bullish price action reversal upon the next touch of 1.0009 or 0.9988.
Put 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.
Remove 50% of the position as profit when the price reaches 25 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 last Thursday that the picture was weakly bullish and that there might be a good opportunity to go long at the support level at 1.0033. However, the price continued to fall to even lower support. The picture is still broadly bullish with a weak but real long-term bullish trend, although relying on trends with this currency pair is always risky.

I continue to see bullish bounces at support levels as the best potential opportunities here which might set up. I would take a bullish bias above 1.0111.

There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.

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