USD/CHF Forex Signal

23 May 2017 7:45:59 AM

By: DailyForex.com

Yesterday’s signals produced a long trade following the bullish outside candle rejecting the identified support level at 0.9694. The trade would still be open.

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, like its sister pair EUR/USD, is in a strong trend against the USD and reaching long-term high/low prices. Just as the EUR/USD may finally be making a short-term top at 1.1250, so this pair had a strong buy reaction at the support level of 0.9694 yesterday. This is against the trend, but could be the beginning of a deep pullback. The price has barely risen from that candlestick so far, but it does look as if there is now going to be some type of counter-trend bullish move over the short-term at least. As this pair likes to range, it could be a very good trade.

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.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now