Free Forex Trade Signals USDCHF – 11th Sept 2019
USDCHF made a bullish move on the daily chart. However, the price seems to have found a resistance where it had a rejection several times. The price action suggests that we may get a double top here. If the resistance level is held and it continues to drive the price towards the South to make a breakout at the swing low, then selling the pair may get us some green pips. Let us have a look at the H4 USDCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price after being bullish on the chart, the level of 0.99210 has come into play as a level of resistance. The price had rejections twice at the same level. Thus, the level has the potential to hold the H4 candles and push the price towards the South by producing a strong bearish reversal candle. If that happens, then the breakout is to take place at the level of 0.98865 to attract the sellers to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.98923
- Stop Loss: Above 0.99371
- Take Profit: 0.98075
Tip of the Day: The resistance level is a strong level. Thus, we are anticipating that the level to be held and push the price down. However, if the level is not held but breached by an H4 candle, then the whole equation in this trade setup will be changed. The price may get very bullish instead if any upside breakout takes place. Let us wait and see what the price does at the end.
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