(MENAFN- Daily Forex) Yesterday's signals were not triggered, as the bullish price action took place below 1.0048 but above 1.0035.
Today's USD/CHF Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trades
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Go short following a bearish price action reversal upon the next touch of 1.0110 or 1.0150.
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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 1.0045, 1.0035, or 1.0014.
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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 yesterday that as there are plenty of support levels above parity, so it would not be a surprise if the price just consolidates now. I had no directional bias. This wasn't a bad call as the cluster of support has basically held. The price chart below shows several days of consolidation and quiet price action which looks as if it is likely to continue. If there is a strong bullish bounce at the support below over the next few hours, I would take a bullish bias here today. There is a weakly bullish long-term trend, but trends tend to be relatively unreliable in this currency pair. 
There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time, and the Chair of the Federal Reserve will be giving a minor speech at 4:30pm.
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