USD/CHF Forex Signal - 9 January 2017

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 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.