USDCHF has been bearish on the H4 chart. In fact, the price has long been bearish though it has had some long corrections. The overall selling momentum has been good as well. On the last Friday, the pair produced a strong bearish daily candle. Today’s price action has been bearish as well. The price now needs to have a correction. If it makes a downside breakout after the correction, then USDCHF sellers are going to go short on the pair again. Let us have a look at the H4 USDCHF chart
This is another trade idea generated by the Elite Swing Trader.
The chart suggests that the price was heading towards the South, but the level of 1.00070 came into play its part as the level of support. It had a bounce and headed towards the North to have an upside correction. The correction was long and upward movement was with good momentum. However, the price could not break through the level of 1.00965 twice. This is what has produced a double top and the bearish wave made a breakout at the level of 1.00070 and reached at the level of 0.99810 today. If the price goes back to the breakout level and produces an H4 bearish reversal candle followed by an H1 breakout candle at the level of 0.99810, then the price would head towards the level of 0.99095. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.00111
- Stop Loss: 1.00449
- Take Profit: 0.99727
It would have been better if today’s first H4 candle came out as a bullish candle. It rather made an early downside breakout. Since correction is needed for the short traders, thus they would leave the pair for now. This often creates huge buying pressure which leads the price not being able to hold the potential resistance level. Let us wait and find out what happens here in the end.
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