CHFJPY has been bullish on the H4 chart. The price had a bullish day on Friday. However, Friday’s last H4 candle and today’s first H4 candle both are bearish corrective candles. The price may have found a level of support where it has already produced an H4 bullish engulfing candle. If the price keeps going towards the North and makes a breakout at Friday’s highest high, then the buyers may get an opportunity to go long on the pair. Let us have a look at the H4 CHFJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The level of 108.405 has been the level of support here. The last H4 candle is a bullish engulfing candle that may keep pushing the price to make a breakout at the level of 108.865. The buyers shall wait for a pullback after the breakout to take a long entry though. If the price produces an H1 bullish engulfing candle right at the breakout level, then the price may head towards the level of 109.370 with having good buying pressure. Let us have a look at the summary of the trade…
- Entry: H1 bullish engulfing candle at the level of 108.865 at pullback.
- Stop Loss: Below 108.405
- Take Profit: 109.370
A good thing about trading on Forex Crosses is price action obeys the typical way of price movement. Usually, Forex Crosses’ charts have fewer spikes. Thus, it gets easy for traders to find out support/resistance. On the other hand. Forex Crosses have higher spreads which sometimes does not make the outcome lucrative
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