USD/CHF Forex Signal - 29 June 2017

Thursday, 29 June 2017 7:14

By: DailyForex.com

Yesterday’s signals produced a losing long trade following the bullish pin candlestick on the hourly chart rejecting the bullish support level at 0.9579.

 

Today’s USD/CHF Signals

Risk 0.50% 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 0.9654.

· 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 ride.

 

Long Trade 1

· Go long after bullish price action on the H1 time frame following the next touch of 0.9540.

· 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 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

Interestingly, this pair stabilised even as the highly positively correlated EUR/USD currency pair continued to rise strongly. This suggests that the supportive area which the price has been encountering is having an effect and producing some buying, which makes me more confident that a move down to 0.9540 followed by an immediate bullish reaction would be a good opportunity to enter a long trade.


USDCHF

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

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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