(MENAFN- Daily Forex) USDCHF Analysis: Ranging price action
Last Thursday's signalswere not triggered as there was no bullish price action at either 0.9900 or 0.9890.
Today's USD/CHF Signals
Risk 0.50%.
Trades must be taken between 8am and 5pm London time today only.
Short Trade Ideas
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Short entry following a bearish price action reversal upon the next touch of 0.9890, 0.9900, or 0.9951.
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Place the stop loss 1 pip above the local swing high.
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Adjust 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 run.
Long Trade Ideas
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Long entry following a bullish price action reversal upon the next touch of 0.9820, 0.9800, or 0.9774.
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Place the stop loss 1 pip below the local swing low.
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Adjust 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 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.
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USD/CHF Analysis
I wrote last Thursday that although the technical picture had become more bearish, trading reversals off key levels in either direction, especially at the extremes of the price chart shown below, would be a logical approach to trading this currency pair. However, the price fell more strongly than anticipated so this was not a great call.
The price is showing signs of bottoming out from about 0.9840, but overall, we have ranging price action and no clear direction so the best approach will probably be to pick good levels at which to find reversals. The two best levels for that are likely to be at the round numbers of 0.9900 and 0.9800. 
There is nothing of high importance due today concerning either the CHF or the USD.
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