USDCHF has been heading towards the North after being bearish on the daily chart for a long time. The price made a breakout at the bearish trend line on the H4 chart. Moreover, it had bounce twice at a level of support. This might as well be a considered as a double bottom once the neck line gets broken. Let us look into the H4 chart to find out what it has to offer us.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart shows that the level of 0.99590 is a strong level of resistance. The price had a rejection from the level yesterday. In fact, it had a rejection from the same level earlier as well. On the other hand, the level of 0.99250 seems to be the level which has been holding the H4 candles. The level has the potential to be the level of support and end up producing an H4 bullish reversal candle. If that happens, then an H1 breakout at the level of 0.99590 would push the price to go toward the level of 1.00135 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.99590
- Stop Loss: 0.99250
- Take Profit: 1.00135
The price has had a bounce from a level of support which is a daily support as well. The daily resistance is far away. This means as far as the daily chart is concerned, the price has enough space to travel. This will surely attract more traders to go long on the pair later today. Let us patiently wait for the reversal candle and the breakout.
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