USD/CHF Forex Signal - 9 May 2016

USD/CHF Signal Update

Last Thursday’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 Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9650, 0.9622 or 0.9600.

  • 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 Trades

  • Short entry after bearish price action on the H1 time frame following the next touch of 0.9774, 0.9800 or 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

It looks as if the upwards move continues in line with the strong momentum established last week, with the round number at 0.9700 acting as minor support. There are stronger levels further below. It is hard to see this reversing until the price reaches at least 0.9750 which is a key psychological number, although it is not until around 0.9775 and above that the resistance starts to look really strong.

The round number at 1.2900 may act as minor support.

USDCHF

There are no high-impact events due today concerning either the CHF or the USD.

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.