USD/CHF Forex Signal - 5 June 2017

Last Thursday’s signals were not triggered as there was no suitable price action when key levels were reached.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

Short Trade 1

  • Short entry after bearish price action on the H1 time frame following the next touch of 0.9717.
  • 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.

Long Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9593 or 0.9579.
  • 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.

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

This pair is in a strong downwards trend and has continued to make new lows. It looks like none of the key levels will be reached today and as it is a holiday in Switzerland, any opportunities are more likely to be expressed in the highly correlated EUR/USD currency pair.USDCHF

There is nothing due today concerning the CHF. It is a public holiday in Switzerland. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI 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.