USD/CHF Forex Signal

Last Thursday’s signals were not triggered, as neither of the key levels were reached that day.

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 1.0053 or 1.0066.

  • 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 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 0.9965.

  • 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 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.

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USD/CHF Analysis

I wrote last Thursday that the picture had become more bearish, with the former support at 1.0058 flipping to become new lower resistance, but the support at 1.0025 still looked strong. I was ready to take a bearish bias if the price got established below 1.0025. It was not able to do so that day, but has done since, and looks like falling lower still at the time of writing. It has room to fall all the way to 0.9965 before meeting any key support so lower prices over today will not surprise me, especially if the EUR/USD currency pair can get established above 1.1344.
USDCHFThere is nothing of high importance due today concerning the CHF or the USD.

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.