USD/CHF Forex Signal - 3 April 2017

Last Thursday’s signals were not triggered as neither of the key levels were reached during that session.

 

Today’s USD/CHF Signals

Risk 0.75% per trade.

Trades must be taken before 5pm London time today only.

 

Short Trade 1

* Go short after bearish price action on the H1 time frame following the next touch of 1.0059.

* 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.

 

Long Trade 1

* Go long after bullish price action on the H1 time frame following the next entry into the zone between 0.9958 and 0.9941.

* 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.

 

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 had thought that the strong bullish move in this pair was going to need time to cool off, and although it did consolidate for a while, it made another push up quite quickly, breaking and invalidating a key resistance level at 1.0010. There is potential support confluent with the parity level, but I would prefer to wait for a deeper pull back before going long. This pair really does not have a clear trend at present so a short reversal trade can also be sought at 1.0059.


USDCHF

There is nothing due today regarding the CHF. Concerning the USD, there will be a release of ISM Manufacturing data at 3pm 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.