USD/CHF Forex Signal - 23 April 2019

Adam Lemon

Yesterday’s signals were not triggered as none of the key levels were ever reached.

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 1.0191 or 1.0207.
  • 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 Trades

  • Go long following a bullish price action reversal upon the next touch of 1.0131, 1.0093, 1.0081, or 1.0068.
  • 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.

USD/CHF Analysis

I wrote yesterday that this pair is always a little dangerous to trade, but we had here one of the most interesting situations in the Forex market right now and there might be some easy pips to make on the long side. I was ready to take a bullish bias above 1.0160 to 1.0190 after New York opened.

The price has continued to rise, although it never managed to get above 1.0160. It is doing so now. If the price makes a strong upwards movement in the hour before 9am London time and closes close to its hourly high, I would be bullish until 1.0190 again. It looks like we have a strong and active long-term bullish trend to exploit here in this currency pair.

usdchf

There is nothing important due today concerning either the CHF or the USD.

About the Author
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

Currency Pairs:
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