USD/CHF Forex Signal - 11 June 2019

Adam Lemon

USDCHF Analysis: Still consolidating around 0.9900

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

Today’s USD/CHF Signals

Risk 0.75%.

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

Short Trade

  • Go short following a bearish price action reversal upon the next touch of 0.9955.

  • 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 0.9848.

  • 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 I would be more bearish as the flow was downwards, but we may have a bullish double bottom which had formed just above the support level at 0.9848. I thought that rejections of either support or resistance would be likely to produce good trade entry opportunities here, but the fact that Switzerland was on holiday and seemed to drive so much of the Swiss Franc market these days may mean little happened here over the coming hours.

This was a good and accurate call. The situation now is very evenly balanced, with the price making both lower highs and higher lows to consolidate around 0.9900. The price is almost exactly halfway between support and resistance. Rejections of either nearby levels, whether support or resistance, would probably make equally good trades, but may well not happen today at all.USDCHFThere is nothing important due today concerning either the USD or the CHF.

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

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.