USDCHF Breakout Trading Strategy – 16th Jan 2019
USDCHF had a strong bullish day yesterday. The H4 chart suggests that the pair has started having a correction as well. Thus, it is the time for the buyers of USDCHF to get ready and keep eyes on the pair to go long on the pair. Let us have a look at the H4 USDCHF chart.
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The level of 0.98565 has the potential to be the level of support. The reason behind that is the price reacted to that level on a number of occasions. If the price comes down to the level; produces an H4 bullish engulfing candle, and ends up producing an H1 breakout at the level of 0.98915, buying the pair would get us some green pips with a 1:1 risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Stop Order: 098900
- Stop Loss: 098500
- Take Profit: 0.99200
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Bigger charts of USDCHF suggest that the price would go towards the level of 1.00000. Without any doubt, the level of 1.00000 is a huge psychological level and the price has been around the level for a long time considering the Weekly, Monthly charts. I assume the price will roam around the level for some months. A level like this plays extremely significant role on a pair. Just hourly or 4 hourly breakouts are never enough for such level. Daily, Weekly and Monthly charts have to make breakout, correction and confirmation as well. These make the price go around such level for a long time.
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