Technical Analysis Free Forex Signals USD/CHF Forex Signal - 6 December 2018 USD/CHF Forex Signal - 6 December 2018 Thursday, 6 December 2018 10:10 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals did not produce suitable candlestick price action at 1.0008 but this level did cap the high of the day when reached, almost to the pip. Today’s USD/CHF Signals Risk 0.75%. Trades must be entered between 8am and 5pm London time today only. Short Trades Short entry following a bearish price action reversal upon the next touch of 1.0008, 1.0035 or 1.0046. 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 Trades Long entry following a bullish price action reversal upon the next touch of 0.9933 or 0.9918. 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 it may be hard for the price to break much further above the parity level, so there could be limited upside. The most likely scenario was that the price will range 0.9939 and 1.0008 over the short-term, so a short trade off a bearish reversal at resistance looks like being the best possible trade which might set up here. This was a good call as it predicted exactly what happened. Nothing has changed over the past day of much significance. The U.S. Dollar is stronger, so it may be that a bullish break above 1.0008 is a little more possible today. This pair is not in the market’s focus and is generally range-bounce, so all strong reversals off key levels in any direction are probably good bets. I have no directional bias. There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm 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.