USD/CHF Forex Signal - 1 July 2019

Adam Lemon

USDCHF Analysis: Bullish gap up

Last Thursday’s signals were not triggered, as there was no bullish price action at 0.9793.

Today’s USD/CHF Signals

Risk 0.75%.

Trades must be entered between 8am and 5pm London time today.

Short Trades

  • Short entry following a bearish price action reversal upon the next touch of 0.9848 or 0.9916.

  • 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 Trades

  • Long entry upon the next touch of 0.9725.

  • 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 last Thursday that this currency pair would be one of the currency pairs worth keeping an eye on as long as the market continues to be so driven by risk-on vs. risk-off considerations. This was a good call, however I also thought that the level at 0.9793 would be very pivotal and it was not.

This pair was falling strongly to new long-term lows on risk-off sentiment and is now rebounding as risk sentiment has improved considerably over recent days. The SNB seem to not be intervening much as far as I can tell, so I think that as long as risk sentiment continues to recover and the U.S. stock market continues to advance to new all-time highs, the price will continue to advance.USDCHFThere is nothing of high importance due today regarding the CHF. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.

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

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