USD/CHF Forex Signal - 24 November 2015

USD/CHF Signal Update

Yesterday’s signals produced a short trade off the bearish reversal from the resistance at 1.0215, although it only gave 20 pips profit.

 

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

 

Long Trade 1

* Go long after bullish price action on the H1 time frame following a touch of the bullish lower channel trend line currently sitting at around 1.0123.

* 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 1.0091.

* 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 3

* 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

The zone from 1.0215 to 1.0240 retains its importance and acted again as a top. Although we cannot draw a perfectly fitting classic trend line with at least two touches, a glance at the chart over the past few weeks does give the shape of a bullish channel that is rapidly approaching the point where it is going to have to break up past 1.0215 properly, or start to fall back down to 1.0100 or even lower. That fall, if and when it comes, could be quite sharp, as it will uncover a lot of long trade stops. Pay attention to the lower channel trend line in the chart below.

USDCHF

Regarding the CHF, there is nothing due today. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm London time followed by CB Consumer Confidence at 3pm.

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.