USD/CHF Forex Signal - 12 November 2019

Adam Lemon

USDCHF Analysis: Less bullish

 

Yesterday’s signals were not triggered, as there was no bullish price action when 0.9945 was reached.

Today’s USD/CHF Signals

Risk 0.50%.

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

Short Trade Idea

⦁ Go short following a bearish price action reversal upon the next touch of 1.0033.

⦁ 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 0.9915 or 0.9894.

⦁ 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 yesterday that I saw long trades as the best opportunity as the price clearly had some room left to rise, and the new support at 0.9943 seemed quite confluent with the broken trend line. I was wrong, this level was not supportive, and in fact seem to have flipped to become resistance after a deeper bearish retracement.

This leaves a less clear technical picture. The best that can be said is that if the price gets established above 0.9950 later, it will start to look more bullish, but it may be that the bulls are going to struggle to get the price anywhere close to the parity level at 1.0000. For these reasons, I would avoid trading this currency pair today.USDCHFThere is nothing of high importance due today regarding 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:
Comments

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

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
Add Comment

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.