USDCHF has been bearish on the H4 chart. The price has been heading towards the North by making breakouts. Yesterday’s daily candle came out as a strong bearish candle as well. Today the price seems to have a correction. The last H4 candle has come out as a strong bullish candle, but it closed within a significant level which has the potential to be held and produce an H4 bearish reversal candle. If that happens, then a downside H1 breakout would be the signal to go short for the sellers. Let us have a look at the H4 USDCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price came up to the level of 0.97965 yesterday. It then has been bullish. However, the level of 0.98385 has held the H4 candle. If that level is being held and ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 0.97965 shall attract the sellers to go short on the pair later today. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.97972
- Stop Loss: 0.98438
- Take Profit: 0.97256
If we get an inside bar bearish candle at the resistance level, then we shall wait for an upward correction up to the breakout level and an H1 bearish engulfing candle at that level to go short on the pair. However, an H4 bearish engulfing candle as we have anticipated here followed by an H1 breakout candle would be enough to take the entry.
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