USDCHF produced a bearish Pin Bar on the daily chart yesterday. The price has been bullish on the daily chart. However, a Pin Bar near the resistance zone may attract the sellers to go short and drive the price towards the South. Today’s intraday price action has been choppy. Thus, overall the pair is still bullish and therefore before we get into position, we must wait for the Bulls to break out from resistance first. Let us have a look at the H4 USDCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Yesterday’s rejection and today’s first H4 Spinning Top candle drove the price at the level of 0.99395. The next candle came out as a bullish Marubozu candle closing within the level of 0.99505. If the level holds the H4 candles and drives the price towards the South to make a breakout at the level of 0.99395, the sellers may get an opportunity to go short on the pair with good risk-reward. To offer a short entry, the price is to make an H4 breakout first followed by an H1 bearish engulfing candle at the breakout level on the pullback. Let us have a look at the summary of the trade…
- Entry: H1 bearish engulfing candle at 0.99395
- Stop Loss: Above 0.99505
- Take Profit: 0.99090
Two more trading days are left to finish off this month. Most of the pairs seem to get a bit sluggish. In such circumstances, it is hard to get breakout and trade. We must not lose our patience. NFP on the first day of November may make the month a busy month. Meanwhile, trade on a pair if there is enough momentum.
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