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USD/CHF Forex Signal - 11 May 2017

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

Short Trades

  • Go short after bearish price action on the H1 time frame following the next touch of 1.1011 or 1.0139.
  • 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 touch of 1.0050.
  • 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

This pair continues to rise, and has risen very strongly over the past several days. I wrote yesterday that it seemed likely now that the nearest key resistance level at 1.1011 would be reached over the next few days, and the price is both close to that level and heading to it at the time of writing. The minor support I identified at 1.1040 / 1.1050 worked well in holding up the price, and saw yesterday’s low.

With this recent strong upwards move, and looking at a very long-term chart, it must be said that there is a weak long-term bullish trend in force. However, this pair does not usually like to trend for long, and the upwards movement does seem to be beginning to slow down, so the time to be “mindlessly” bullish day trading this pair has probably passed. Nevertheless, a bullish bias makes sense.

USDCHF

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

Adam Lemon
About 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.

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