Technical Analysis Free Forex Signals USD/CHF Forex Signal USD/CHF Forex Signal Thursday, 19 July 2018 8:03 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a losing long trade from the bullish rejection of the support level identified at 0.9988. Today’s USD/CHF Signals Risk 0.75%. Trades may only be entered before 5pm London time today only. Short Trade Go short following a bearish price action reversal upon the next touch of 1.0111. 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. Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride. Long Trades Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9907. 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. Take off 50% of the position as profit when the price reaches 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 I wrote yesterday that I thought a period of consolidation here was now likely, but any movement was more likely to be bullish than bearish, so a long trade at the support level of 0.9988 could be an interesting opportunity. I was partially right and partially wrong, with the level at 0.9988 holding for a while but eventually breaking down. However, the price does seem to be ranging, and we now have the problem that there are no clear support or resistance levels anywhere nearby. The inflections at 1.0035 and 0.9920 could act as support and resistance, but I don’t have much confidence in them. This currency pair therefore looks best avoided today. There is nothing important due today concerning either the CHF or the USD. 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.