USD/CHF Forex Signal - 23 September 2019

Adam Lemon

USDCHF Analysis: Dead in a range

Last Thursday’s signals were not triggered as there was insufficient price action at any of the support levels which were reached.

Today’s USD/CHF Signals

Risk 0.50%.

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

Short Trade Idea

  • Short entry following a bearish price action reversal upon the next touch of 0.9942 or 0.9958.

  • 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

  • Long entry following a bullish price action reversal upon the next touch of 0.9889 or 0.9853.

  • 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.

USD/CHF Analysis

I wrote last Thursday that as a major SNB release was due there could be an opportunity here to fade any post-release spike which peaks at either key resistance or support, as this currency pair was in a long-term price consolidation. However, this approach did not give an opportunity.

The price is now ranging on every time frame and is right in the middle of an obvious consolidation zone. This suggests that it is best to leave this pair alone today, although there could be an opportunity to fade any move to either extreme of the price chart below, such as 0.9958 or 0.9853.USDCHFThere is nothing of high importance 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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