USD/CHF Forex Signal - 15 May 2017

15 May 2017 7:22:03 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as there was no bullish price action at 0.9950.

Today’s USD/CHF Signals

Risk 0.75% per trade.

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

Short Trades

  • Short entry after bearish price action on the H1 time frame following the next touch of 1.0050 or 1.0111.
  • 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 0.9993, 0.9971, or 0.9929.
  • 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 broke down reasonably strongly with Friday’s directional movement, but has found support around the parity level which is not a surprise. However, the price seems to be reluctant to start coming back up, whereas the highly positively correlated EUR/USD and GBP/USD currency pairs seems to be moving with more directional conviction, suggesting that better opportunities lie away from this pair.

Any sharp moves down to a key support level below parity could be a good buy, following a reversal.USDCHF

There is nothing scheduled today concerning either the CHF or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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