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USD/CHF Forex Signal - 13 July 2016

USD/CHF Signal Update

Yesterday’s signals produced a nice profitable long trade following the bullish pin candle rejection of the identified support level at 0.9800. It would be a good idea to exit the trade if profit if not done already as we have reached a key resistance level where the price reversed.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

 

Long Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9853, 0.9800 or 0.9756.

  • Place 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.

  • 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 the next touch of 0.9894.

  • Place 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.

  • 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

We saw my tentative supportive trend line break, but then with the bullish rejection of the anticipated support at the round number of 0.9800, a new supportive trend line could be drawn, as shown in the chart below. The resistance above was flipped to support at almost the same level, with the price then advancing up to 0.9894 where it has unsurprisingly turned bearish.

We can draw two trend lines at the top of the channel, the more recent one is probably better as it is more symmetrical with the lower trend line.

We have a bullish channel but no overall long-term trend, just a lot of bullishness over the recent days.USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

Adam Lemon
About 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.

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