USD/CHF Forex Signal - 24 April 2019

Adam Lemon

Yesterday’s signals were not triggered, as there was no bearish price action when 1.0191 or 1.0207 were reached.

Today’s USD/CHF Signals

Risk 0.75%.

Trades may only be taken before 5pm London time today.

Short Trade

  • Short entry following a bearish price action reversal upon the next touch of 1.0250.
  • Put 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.
  • 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 Trade

  • Long entry following a bullish price action reversal upon the next touch of 1.0131.
  • Put 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.
  • Remove 50% of the position as profit when the price reaches 20 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 yesterday that this pair was rising above the important 1.0160 area and that if the price made a strong upwards movement in the hour before 9am London time and closed close to its hourly high, I would be bullish until 1.0190 again. This was a good call as we did get the continuation of that strong upwards movement which took us not only to 1.0190 but all the way up to 1.0230 before the price fell back, invalidating the resistance levels close to 1.0200. There is now no obvious resistance until the big psychological level at 1.0250, although we are seeing a bearish retracement. The odds are still for higher prices beyond yesterday’s high, but this may take a while to happen. I would take a bullish bias until 1.0250 today if we get a strong hourly close above 1.0220.

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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