USD/CHF Forex Signal - 15 August 2016

USD/CHF Signal Update

Last Thursday’s signals were not triggered as the bullish price action took place below the anticipated support level of 0.9721.

 

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades must be taken before 5pm London time today.

 

Long Trade 1

* Go long after bullish price action on the H1 time frame following the next touch of 0.9703.

* 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 0.9775.

* 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

The long-term charts show a pair that is deeply within a narrowing consolidation, and going nowhere. As such, the best we can expect as we drill down is to see the pair chop between significant support and resistance levels for relatively small movements.’

There is more or less a double bottom below and we may make a triple top at around 0.9765. However, the key levels are beyond both of these areas.

I would feel nervous to trade this pair today. Movements are probably going to be very difficult to predict.


USDCHF

There is nothing of high importance 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.