USD/CHF Forex Signal

19 June 2017 7:47:52 AM

By: DailyForex.com

Last Thursday’s signals produced a profitable short trade following the bearish pin candle rejecting the resistance level identified at 0.9761. This trade will be in profit now and is probably worth holding until the price reaches 0.9654 at least.

Today’s USD/CHF Signals

Risk 0.50% per trade.

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

Short Trades

  • Short entry after bearish price action on the H1 time frame following the next touch of 0.9761 or 0.9812.
  • 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 run.

Long Trades

  • Go long after bullish price action on the H1 time frame following the next touch of 0.9654 or 0.9593.
  • 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 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 is behaving very technically, respecting both the major support and resistance levels which have been reached recently. The price looks as if it will consolidate around 0.970 now, but it may be pushed around by what happens with the EUR/USD, as this pair tends to have a very heavy influence on the USD/CHF.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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