USD/CHF Forex Signal

USDCHF Analysis: weakly bullish

Yesterday’s signals were not triggered as there was no bearish price action at 1.0066.

Today’s USD/CHF Signals

Risk 0.75%.

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

Short Trades

• Go short following a bearish price action reversal upon the next touch of 1.0100 or 1.0130.

• 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 Trades

• Go long following a bullish price action reversal upon the next touch of 1.0052 or 1.0035.

• 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 I had no directional bias and overall saw the movement here as very difficult to predict and quite choppy, with bulls and bears very evenly balanced. For this reason, I wanted to continue to avoid trading this pair for the time being.

The picture is now very slightly more bullish, with the price rising relatively firmly from new support at 1.0053. We are now into the fourth day where it looks as if the dominant movement will be bullish.

I would take a bullish bias if we got a retracement to 1.0052 and a firm bullish bounce there later, Overall, I would be very cautious trading this currency pair right now due to the strong lack of any real trend.There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time.