Technical Analysis Free Forex Signals USD/CHF Forex Signal USD/CHF Forex Signal Thursday, 8 November 2018 10:28 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered as the bullish price action took place slightly below 0.9958. Today’s USD/CHF Signals Risk 0.75%. Trades may only be taken before 5pm London time today. Short Trade Go short following a bearish price action reversal upon the next touch of 1.0069. Place 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 Trade Go long following a bullish price action reversal upon the next touch of 0.9958. Place 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. Take off 50% of the position as profit when the price reaches 25 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 the best potential was likely to be on the short side now. I was ready to be bearish at a reversal at the trend line or at 1.0069. We never got this, but I was right to think the short trade probably wouldn’t set up. Instead we got a strong bounce at the support level, but as the low was a little below the level it wasn’t technically a long trade entry. In any case, the support was confirmed as good, so I think overall, we have strong technical levels here to look at, both long and short. I have no short-term directional bias, but I still think the greater opportunity for a long-term price movement is downwards as we are selling off from an area above parity (1.000). There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 7pm 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.