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USDCHF Price Action Analysis – 5th June 2017

USDCHF has been bearish on the H4 and the Daily chart. Moreover, the price made another huge bearish breakout last week during the NFP release. As things stand with USDCHF, sellers might be interested to sell the pair again if the price makes a bearish signal from the breakout level. Let us have a look at the H1 chart of USDCHF…

As we see on the chart that the price broke the level of 0.96700. The level was a strong level of support where price had reacted number of times. The breakout we had is a breakout with strong momentum as well. Thus, it is time for the sellers to wait for the price to go up to the level of 0.96700 to confirm the breakout and to produce a bearish H4 candle right there. Let us have a look at the summary of the trade…

• Sell Limit Order: 0.96700
• Stop Loss Level: 0.97200
• Take Profit Target: 0.96000
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
• Validity: 24 hours

Today’s open price is a bit farther than the resistance level to be held. Thus, the sellers might as well not wait for the price to breach the level of today’s open price. In this case, have a look at the price and its upward momentum. There an up trending trend line can be drawn. That is actually the counter trend of our trend that we have been counting. That counter trend has to come to an end for the sellers to go short on USDCHF.

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We hope that you enjoy our Free Forex Trading Signal today: USDCHF Price Action Analysis – 5th June 2017

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