USD/CHF Forex Signal - 3 February 2016

USD/CHF Signal Update

Yesterday’s signals were not triggered and expired.

 

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades may only be taken between 8am and 5pm London time today.

 

Long Trade 1

* Go long after bullish price action on the H1 time frame following a first touch of 1.0110.

* Place the stop loss 1 pip below the local swing low.

* Move 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 2

* Go long after bullish price action on the H1 time frame following a first touch of the bullish trend line currently sitting at around 1.0090.

* Place the stop loss 1 pip below the local swing low.

* Move 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 3

* Go long after bullish price action on the H1 time frame following a first touch of the bearish trend line currently sitting at around 1.0025.

* Place the stop loss 1 pip below the local swing low.

* Move 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.

 

Short Trade 1

* Go short after bearish price action on the H1 time frame following a touch of 1.0250.

* Place the stop loss 1 pip above the local swing high.

* Move 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.

 

Short Trade 2

* Go short after bearish price action on the H1 time frame following a touch of 1.0326.

* Place the stop loss 1 pip above the local swing high.

* Move 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.

 

USD/CHF Analysis

I wrote yesterday that it seemed likely that this pair would now continue down to at least 1.0110 and although we have not quite got there yet the major move over the last 24 hours has been downwards. In fact we can draw a very short bearish trend line at recent highs. I would not look for a short there but a break out above it could be a significant sign that we are going up to 1.0250.

The main thing to see is that we are approaching a supportive confluence at 1.0110 with a fairly long-term significant supportive trend line coming up to that number. This could give a good opportunity to get long in line with the long-term trend.

USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 3:30pm.

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.