USD/CHF Forex Signal - 9 January 2017

09 January 2017 9:50:34 AM

By: DailyForex.com

USD/CHF Signal Update

Last Thursday’s signals were not triggered as there was no bullish price action at 1.0145.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades may only be entered before 5pm London time today.

 

Long Trades

  • Go long after bullish price action on the H1 time frame following the next touch of 1.0129 or 1.0083.

  • 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

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

  • 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

There is still a long-term bullish trend in force, but it becomes weaker and weaker as the price seems to keep ranging in the same area. Furthermore, the longer-term chart shows that there is nothing special about the price area we remain in: bulls should get more excited if the price can break up above 1.0326 and stay there.

The good news is that in these conditions, support and resistance levels tend to be relatively reliable, especially when they are confluent with big round, half or quarter numbers. For these reasons, I expect the resistance at 1.0249 could be a great level at which to look for a short trade if it is reached today.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.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now