USDCHF seems to be producing a double top at a significant resistance level. The price is approaching neckline level. If the neckline gets broken, then the price would head towards the South with a good pace and it would make a new lowest low on the H4 chart. Let us have a look at the H4-USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The price had rejection twice from the level of 1.00965. On both occasions, bearish inside bars were produced though. The level of 1.00480 is the level of support which is the neck line of the double top. If the level is breached, then the price would head towards the South with a good pace. The lowest low level here is far enough and a very strong psychological level. However, double top factor may push the price further down. Let us have a look at the summary of the trade…
- Sell Stop order: 1.00498
- Stop Loss: 1.01000
- Take Profit: 1.00111
Tip of the Day: On most occasions, double top/double bottom’s levels need some adjustment. However, the resistance level of the double top is very straight here. This has some extra significance. It states that the resistance level is a strong psychological level which was obeyed precisely by the traders twice. Another point here is take profit target. Setting it at the level of 1.00000 would be a safer option. However, the price breached this huge psychological level a number of times even on the daily chart. Thus, it may be breached here again. Nevertheless, the first target may be set here and the 2nd target may be set below this strong level of support.
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