Technical Analysis Free Forex Signals USD/CHF Forex Signal USD/CHF Forex Signal Wednesday, 21 November 2018 11:12 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a profitable long trade following the bullish candlestick which rejected the support level at 0.9918, which so far has given about 30 pips of profit. It may be wise to take profit if the resistance level at 0.9958 is not broken very soon. Today’s USD/CHF Signals Risk 0.75%. Trades must be entered between 8am and 5pm London time today only. Short Trades Go short following a bearish price action reversal upon the next touch of 0.9958 or 1.0013. Put 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. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run. Long Trades Go long following a bullish price action reversal upon the next touch of 0.9918 or 0.9898 or 0.9848. Put 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. Remove 50% of the position as profit when the price reaches 25 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 I wrote that the bearish momentum seemed to be slowing, so although short trades still looked more attractive, a bullish reversal at any of the nearby support levels could also be an attractive trade. This was a good call as the bullish bounce at the nearest support produced a profitable long trade. The technical picture now looks more likely to see ranging conditions, as the bears seems to have run out of momentum, which is ideal for entering trades after firm reversals at either support or resistance. I take no directional bias today. There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time. 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.