USD/CHF Forex Signal

07 June 2017 7:29:46 AM

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached.

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 0.9665.
  • 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 Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9593 or 0.9579.
  • 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 is in a strong downwards trend and has again continued to make new lows, although the pace of the downwards movement is slowing. The new bearish trend line fitting the action in the chart below has still not been touched yet. The dominant theme of the market remains the CHF, Euro, Gold and JPY all strengthening or weakening together, as safe haven assets.

The closer the price gets to the big round number at 0.9500, the greater the chance of a major bullish reversal.USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm 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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