Technical Analysis Free Forex Signals USD/CHF Forex Signal - 6 July 2017 USD/CHF Forex Signal - 6 July 2017 Thursday, 6 July 2017 11:24 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com Yesterday’s signals produced a profitable short trade following the bearish rejection of the resistant level at 0.9678, which probably should be left to run for the time being. 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 0.9678. 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 0.9617 or 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 The level at 0.9678 acted as good resistance, but the short-term trend is still bullish, with the price being supported by a trend line. Another movement up to 0.9678 and failure from a retest, plus a break of the bullish trend line, could be another good short trade entry. Note the longer-term bearish trend line connecting the swing highs, which suggests a continuation of the downwards movement once this short-term bullish trend breaks. There is nothing due today concerning the CHF. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm, and Crude Oil Inventories at 5pm. Currency Pairs USD/CHF Adam Lemon 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.