USD/CHF Forex Signal - 19 November 2015

USD/CHF Signal Update

Yesterday’s signals produced a short trade off 1.0215 that would have broken even if protected before the FOMC announcement.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

Long Trade 1

* Go long after bullish price action on the H1 time frame following a touch of 1.0091.

* Put 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.

* 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 Trade 2

* Go long after bullish price action on the H1 time frame following a touch of 1.0043.

* Put 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.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0215 and 1.0240.

* Put 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.

* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

USD/CHF Analysis

I had identified the zone from 1.0215 to 1.0240 as the last remaining obstacle to a new multi-year high in this strongly trending pair, and this zone held twice yesterday, pushing the price down – although at the time of writing it is beginning to rise again.

Despite the double rejection of that zone there is no reason to turn bearish here yet.

USDCHF

There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 5pm.

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.