USD/CHF Forex Signal

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USDCHF Analysis: Slightly more bullish as 0.9700 continues to hold

Yesterday’s signals gave a profitable long trade from the bullish pin candlestick on the hourly chart which rejected the support level at 0.9702.

Today’s USD/CHF Signals

Risk 0.50%.

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

Short Trade Ideas

  • Go short following a bearish price action reversal upon the next touch of 0.9791 or 0.9840.

  • 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 run.

Long Trade Ideas

  • Go long following a bullish price action reversal upon the next touch of 0.9702, 0.9664, or 0.9637.

  • 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 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.

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USD/CHF Analysis

I wrote yesterday that the price was caught between 0.9702 and 0.9788.

I took no directional bias on this currency pair yesterday.

In fact, it was a good call overall, as these numbers practically held the price at both ends over the course of the day.

The price is right in the middle of this zone and going nowhere, so I would again take no directional bias, but would look to scalp reversals at either 0.9702 or 0.9791. Both of these key levels are also quite confluent with round numbers, which should help them hold firm, so I think both of these levels will survive today without being broken.USDCHFThere is nothing of high importance due today concerning either the CHF or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.