USD/CHF Forex Signal - 10 January 2017

10 January 2017 9:18:07 AM

By: DailyForex.com

USD/CHF Signal Update

Yesterday’s signals were not triggered as none of the key levels were reached during that session.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame following the next touch of 1.0083.

  • 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

  • Short entry after bearish price action on the H1 time frame following the next touch of 1.0211 or 1.0249.

  • 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.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

USD/CHF Analysis

I was more keen on a short trade yesterday than a long trade, and the short-time bias continues to be downwards, but unfortunately none of the key resistance levels were reached. The long-term bullish trend is looking weaker and weaker. A sustained break below the support at 1.0083 would be very significant so I expect bulls to put up a fight and be buying there, if that price is reached soon.

USDCHF

There is nothing due today regarding either the CHF or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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