USD/CHF Forex Signal

22 May 2017 7:32:41 AM

By: DailyForex.com

Last Thursday’s signals produced a profitable short trade following the bearish pin bar rejection the identified resistance level at 0.9812.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades may only be entered between 8am and 5pm London time today.

Short Trade 1

  • Short entry after bearish price action on the H1 time frame following the next touch of 0.9812.
  • Place the stop loss 1 pip above the local swing high.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade 1

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9694.
  • Place the stop loss 1 pip below the local swing low.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the trade is 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.

USD/CHF Analysis

This pair has reached new multi-month lows and although it does not usually like to trend, must be send to be in a strongly bearish long-term trend now. However, the greenback has started to recover since this week’s open and the price is showing signs of not only rising but being likely to continue to rise moderately, so it looks as if we are going to see a bullish retracement movement today. We are quite far from either resistance or support, so major turns in price here are very difficult to predict.USDCHF

There is nothing due today concerning either the CHF or the USD.

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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