USD/CHF Forex Signal - 10 October 2019

USDCHF Analysis: Area at 0.9900 is likely to be today’s pivotal point

Today’s USD/CHF Signals

Risk 0.50%.

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

Short Trade Idea

  • Short entry following a bearish price action reversal upon the next touch of 0.9964.

  • 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 0.9900 or 0.9890.

  • 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

This pair has been trendless and consolidative for quite a long while, and the CHF is so manipulated that it tends to act consolidative over the long term anyway.

This environment suggests that trading reversals off key levels in either direction would be a logical approach to trading this currency pair today.

I see a long trade entry at a bullish bounce / rejection of the round number at 0.9900 as the highest probability trade set up which we might get today.USDCHFThere is nothing of high importance due today concerning the CHF. Regarding the USD, Regarding the USD, there will be a release of CPI (inflation) data at 1:30pm.

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.