USD/CHF Forex Signal - 6 June 2017

06 June 2017 7:27:52 AM

By: DailyForex.com

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 Trade 1

  • Go short after bearish price action on the H1 time frame following the next touch of 0.9665.
  • 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 Trades

  • Go long after bullish price action on the H1 time frame following the next touch of 0.9593 or 0.9579.
  • 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 is in a strong downwards trend and has again continued to make new lows. We also see a new bearish trend line fitting the action in the chart below, set up for a third touch upon a bullish pull back. The price moves in tandem with the EUR/USD pair. The dominant theme of the market is the CHF, Euro, Gold and JPY all strengthening or weakening together, as safe have assets.

The closer the price gets to the big round number at 0.9500, the greater the chance of a major bullish reversal.USDCHF

There is nothing due 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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