USD/CHF Forex Signal | DailyForex

Yesterday’s signals were not triggered, as the support level at 0.9970 was not reached during the London session.

Today’s USD/CHF Signals

Risk 0.75%.

Trades must be taken before 5pm London time today only.

Short Trades

  • Go short following a bearish price action reversal upon the next touch of 1.0015, 1.0053, or 1.0066.

  • 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 ride.

Long Trades

  • Go long following a bullish price action reversal upon the next touch of 0.9970 or 0.9892.

  • 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 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 the level at 0.9965 was likely to act as support, and also to be the day’s pivotal level, so a long trade at a strong bullish bounce there looked like the best potential set-up for a trade – I would take a bullish bias at that point.

The support needed to be adjusted upwards to 0.9970 but overall this was a reasonably good call as the price has made a small bearish retracement but is so far finding a floor at 0.9970 after reaching a high at the parity level of 1.0000.

I would take a bullish bias now if we get a very strong bullish rejection of 0.9970 with the level continuing to hold as support.

This pair is without any long-term trend so traders should be cautious, but we see more risk-on sentiment in the market generally and that is helping this pair to rise. However, movement over the long-term is slow and ranging, with the price needing to get well clear of 1.0100 before being intro truly bullish territory.USD/CHF Forex Signal | DailyForexThere is nothing of high importance due today concerning either the CHF or the USD.

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