USD/CHF Forex Signal - 29 January 2015

USD/CHF Signal Update

Yesterday’s signals expired without being triggered as the price never hit either 0.9130 or 0.8800.

Today’s USD/CHF Signals

Risk 0.50% per trade.

Trades may be made before 5pm London time only.

 

Short Trade 1

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 0.9130.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 50 pips in profit.

  • Remove 50% of the position as profit when the trade is 50 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 immediately following the next touch of 0.8800.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 50 pips in profit.

  • Remove 50% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to run.

USD/CHF Analysis

I wrote yesterday that we were unlikely to hit the 0.9130 level and this level has still not been touched. It is still possible to look for a bearish reversal there, but be very cautious as the price action overall still looks bullish.The USD advanced last night modestly against weaker currencies following the FOMC announcement.

USDCHF 12915

There are no high-impact data releases scheduled today concerning the CHF, but there is one regarding the USD. At 1:30pm London time there will be a release of Unemployment Claims data.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.