USDCHF has been bullish on the H4 chart. The price had a rejection from a level of resistance last Friday. It has already produced a good-looking bullish candle. Thus, an H1 breakout at the highest high may attract the buyers to push the price towards the North further. Let us have a look at the H4 USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The price had a rejection from the level of 0.99445 and had a bounce from the level of 0.99155. The level of 0.99155 has already produced an H4 bullish candle. This is a strong bullish reversal candle which may attract the buyers to keep an eye on the pair for an H1 breakout at the level of 0.99445 to go long on the pair. Let’s have a look at the summary of the trade…
- Buy Stop Order: 0.99511
- Stop Loss: 0.99158
- Take Profit: 1.00071
The resistance level that we are going to wait for the breakout to take place is a daily resistance level as well. Thus, the breakout is going to have a lot of significance. I assume the price might get very bullish in coming days upon the breakout. On the other hand, if the resistance level is held and the breakout does not take place, the price would come towards the South. There is not as much space for the price to travel towards the downside as the upside. Thus, the potential bearish wave might not have a great bearish momentum. Let’s wait and see what happens next.
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