(MENAFN- Daily Forex) Last Thursday's signals were not triggered, as there was no bullish price action at 0.9637.
Today's USD/CHF Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trades
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Go short following a bearish price action reversal upon the next touch of 0.9691, 0.9709, or 0.9723.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
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Go long following a bullish price action reversal upon the next touch of 0.9637 or 0.9605.
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Place the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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Take off 50% of the position as profit when the price reaches 25 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 last Thursday that we may see a relatively high period of volatility that day as the SNB was going to be making its quarterly report on monetary policy. Therefore, I thought that any convincing reversal at support or resistance in any direction could produce a good set-up later. I had no directional bias ahead of the SNB's guidance. When it came, that release pushed the price down strongly to a new low at 0.9542 over the next 24 hours, but then the price recovered strongly, and is now back again in the price area where it was last Wednesday.
Directional movements in this currency pair are usually difficult to predict as it has little tendency to trend, but the short-term price action is suggestive of a possible bearish reversal at a medium-term bearish trend line, which is shown in the price chart below. 
There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.
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