USD/CHF Forex Signal - 31 May 2016

USD/CHF Signal Update

Yesterday’s signals were not triggered.

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

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9880.

  • 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 1.0000.

  • 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

This pair has been fairly quiet although it seems we have printed new and higher support at 0.9908. It is a little too early to use this level in trading today but it is a sign that the price looks to be continuing upwards although fairly slowly it seems. Things are likely to start moving faster once New York opens later.

USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm 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.