USD/CHF Forex Signal - 23 March 2016

USD/CHF Signal Update

Yesterday’s signals were not triggered.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades must be entered before 5pm London time today.

Long Trade 1

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9650.

  • Put 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.

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

Short Trade 1

  • Short entry after bearish price action on the H1 time frame following the next touch of 0.9750.

  • Put 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.

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

 

Short Trade 2

  • Short entry after bearish price action on the H1 time frame following the next entry into the zone between 0.9802 and 0.9814.

  • Put 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.

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

USD/CHF Analysis

After several days now of a strengthening USD, we see the price now preparing to test the key 0.9750, which is not only a well-defined inflection point but also an important price psychologically. The current price action suggests that the level is not going to hold and will be broke. If the break is strong and clean then it is probable that the price will continue upwards to eventually reach at least 0.9800. However it still might turn bearish within the 15 or so pips above 0.9750.

USDCHF Forex signal

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.

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.