Elite Swing Trader USDCHF – 23rd May 2019
USDCHF made a strong bearish move on the H4 chart. The pair seems to have produced a double top and the bearish H4 movement took place right from the resistance level of the potential double top. The price then started having a correction as well. This suggests that another breakout towards the South would be the signal for the sellers to start selling the pair. Let us have a look at the H4 USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.00945 is the level, which has to be held by H4 candles. So far the level has been nicely held by the H4 candles. It has to produce an H4 bearish engulfing candle, which has to be followed by an H1 breakout at the level of 1.00645 to offer a short entry to the sellers. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.00665
- Stop Loss: 1.00984
- Take Profit: 1.00150
Today’s breakout may be very significant for the pair. The daily chart suggests that the price has been caught within a range. Today’s potential H4 bearish wave may help the price come out from the range. If that happens, then there is enough room for the price to travel towards the South. This eventually may make the pair very bearish in the coming days. A lot of equations are to be met for the daily price to be bearish. However, by looking at all the factors, it seems that the pair may remain bearish on the daily chart.
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