(MENAFN- Daily Forex) USDCHF Analysis: Bullish above 0.9946
Yesterday's signalswere not triggered, as neither of the key levels were reached yesterday.
Today's USD/CHF Signals
Risk 0.50%.
Trades may only be taken prior to 5pm London time today.
Short Trade Idea
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Short entry following a bearish price action reversal upon the next touch of 0.9933 or 0.9946.
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Put 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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Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade Idea
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Long entry following a bullish price action reversal upon the next touch of 0.9914, 0.9894, or 0.9853.
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Put 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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Remove 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.
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USD/CHF Analysis
I wrote yesterday that the price was looking weakly bullish but was halfway between the nearest support and resistance levels. It therefore seemed we were going to have a range within a range, i.e. consolidation within this area. This was not a good call as the price actually rose quite firmly, printing new higher support levels, and is now threatening a very significant area of resistance between 0.9933 and 0.9946. If the price can get established above 0.9946 it will be a bullish sign, and the price has quite a lot of room to rise higher but watch out for the major round number at 1.0000.
The bullishness here is driven more by weakness in the CHF as safe havens sell off than USD strength.
I would take a bullish bias today if we get 2 consecutive hourly closes above 0.9946 .
There is nothing of high importance due today concerning either the CHF or the USD.
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