USD/CHF Forex Signal - 21 June 2017

Adam Lemon

Yesterday’s signals were not triggered as the bearish rejection of the resistance level identified at 0.9761 did not take place until after the specified time session.

Today’s USD/CHF Signals

Risk 0.50% 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 0.9761 or 0.9812.
  • 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 run.

Long Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 0.9654 or 0.9593.
  • 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 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 continues to behave very technically, again respecting a key level, this time the resistance at 0.9761 which was hit and rejected for a third time during the London / New York overlap session yesterday. The price now looks to be heading down to touch a supportive trend line, where it may hold again.USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm 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.
Learn more from Adam in his free lessons at FX Academy

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