USD/CHF Forex Signal

16 May 2017 7:07:29 AM

By: DailyForex.com

Yesterday’s signals were not triggered, as there was no bullish price action at 0.9993 or 0.9971.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades must be taken before 5pm London time today only.

Short Trades

  • Go short after bearish price action on the H1 time frame following the next touch of 0.9971 or 0.9993.
  • Put the stop loss 1 pip above the local swing high.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

Long Trades

  • Go long after bullish price action on the H1 time frame following the next touch of 0.9929, or 0.9900.
  • Put the stop loss 1 pip below the local swing low.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 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

This pair was dragged down yesterday by the highly positively correlated EUR/USD currency pair. It easily cut through anticipated support levels which clearly look to have been flipped to become support, which is a bearish sign. Despite that, the same movements can probably be traded with better opportunity today in the EUR/USD currency pair.
USDCHF

There is nothing scheduled today concerning the CHF. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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