USD/CHF Forex Signal - 6 July 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 from 8am to 5pm London time today only.

 

Long Trades

  • Go long after bullish price action on the H1 time frame following the next touch of 0.9756 or 0.9724.

  • 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 Trades

  • Go short after bearish price action on the H1 time frame following the next touch of 0.9862, or 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

There has been a very strong rise in the USD over the past 24 hours and that has seen the price of this pair not only push up but also create two new support levels which should be good entry opportunities following the price pulling back to them. This changes the picture from a wide area with no levels to one that has some more potential for support and resistance trading.

There is no long-term trend and the movements in this pair are relatively small, and there is no sign that this is going to change any time soon.USDCHF

There is nothing due concerning the CHF. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time followed by the FOMC Meeting Minutes at 7pm.

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.