Elite Swing Trader Signals USDCHF – 15th May 2019
USDCHF has long been bearish on the H4 chart. The price had a long correction as well. It seems that the price had rejection from a level of resistance twice. Today one of the H4 candles was produced from right from that level which was a very strong bearish candle. As things stand with the pair, the price might head towards the South again with huge selling pressure if a breakout takes place at the lowest low of the trend. Let us have a look at the H4 USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.00920 is the level of resistance here. The price produced two bearish candles on the level. However, a breakout at the level of 1.00490 is needed to attract more sellers to go short on the pair. That has not happened yet, but it could take place anytime. An H1 breakout at 1.00490 would drive the price to go towards the level of 0.99710 without having that many pauses. Let us have a look at the summary of the trade
- Sell Stop Order: 1.00481
- Stop Loss: Above 1.00979
- Take Profit: 0.99710
For the H4 chart the consolidation zone looks too large. However, if calculate the number of pips, it is not actually that large. USDCHF recently has been moving with small ranges. On an average, on a good trading day USDCHF moves about 70/75 Pips. However, since USDCHF usually is traded with less spread, so it is still lucrative. If the spread was too expensive, then it would not be worth it taking entries on USDCHF.
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