USD/CHF Forex Signal - 13 July 2017

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached, although the support at 0.9600 was just a couple of pips below the low of the day.

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 0.9688.
  • 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 Trades

  • 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

Yesterday I foresaw a range between 0.9600 and 0.9700 as the most likely scenario and that is what we got. The price has been going up and down within this area over several days now. The U.S. Dollar is weak so I am not sure that a bounce off 0.9600 would have much sustainability, but it could be a satisfactory level to scalp for a few pips.

USDCHF

There is nothing due today concerning the CHF. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm London time, followed at 3pm by the testimony of the Chair of the Federal Reserve before Congress.

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.