USD/CHF Forex Signal - 2 March 2017

Yesterday’s signals were not triggered as the bearish price action took place a little way above the identified resistance level at 1.0109.

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades may only be entered between 8am and 5pm London time today.

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame following the next touch of 1.0003.

  • 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

  • Short entry after bearish price action on the H1 time frame following the next entry into the zone between 1.0129 and 1.0155.

  • 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

In line with the renewed strength in the U.S. Dollar over recent hours, this pair has made another move up which was quite strong, pushing the resistant area above 1.0100 but not truly breaking it. The resistant zone now stretches from about 1.0125 to 1.0150 and a failure there could begin a major reversal. A break up past this area will signify a possible resumption of the long-term bullish trend, but it should be noted that the Swiss Franc has been relatively strong over recent days. The best trade in this pair is most likely to be a bearish reversal in the resistant zone above.

USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release Unemployment Claims data at 1:30pm London time.

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.