USD/CHF Forex Signal - 30 April 2019

Adam Lemon

Yesterday’s signals produced a losing short trade from 1.0197.

Today’s USD/CHF Signals

Risk 0.75%.

Trades must be entered before 5pm London time today only.

Short Trade

  • Go short following a bearish price action reversal upon the next touch of 1.0250.
  • 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 1.0164 or 1.0131.
  • 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 we saw the minor support at about 1.0200 breaking down and starting to hold as new lower resistance which is a bearish sign. If it continues to hold as the London session got underway, as it would probably be today’s pivotal level, we would be likely to see lower prices over the day. The reality was more complex, as the price swung down then up, but with a relatively small movement. However, the level just below 1.0200 has now been invalidated.

The Dollar seems to be in retreat today, so it looks likely that we will see a deeper bearish retracement over the course of today. I would take a bullish bias if we get a strong bullish bounce at either of the nearest support levels after the New York open later today.

usdchf

There is nothing important due today concerning the CHF. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

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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