USD/CHF Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were reached within the specified time.
Today’s USD/CHF Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trades
-
Go short following a bearish price action reversal upon the next touch of 0.9978 or 1.0010.
-
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.
-
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trades
-
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.9922 or 0.9905.
-
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.
-
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
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 had no directional bias, and that the price remained likely to reverse at any key levels it reached. This was a good call as the price had no direction over the day and did reverse later at the support level of 0.9922. The picture looks more bearish now, with suggestions that 0.9922 will break down, but I still maintain no preferred direction and see reversals at any key level as an opportunity. It is worth being extra-cautious on any long trade from a bullish bounce at 0.9922 however.
There is nothing important due today concerning either the CHF or the USD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.