USDCHF Free Forex Trading Signals – 4th May 2017
After having a long bearish ride on the H4 chart, the USDCHF has been choppy for some days. The price has been trapped on a horizontal channel. There is a Down Trending trend line as well. Yesterday, however, the pair produced a bullish daily candle. Moreover, a Double Bottom has been formed at the level of 0.99000. These equations suggest that we might see a breakout towards the upside to offer us long entry by the pair later today…
As we see on the chart that the pair produced two consecutive H4 candles right from the Double Bottom level. The price found its resistance at 0.99460. So far, there is an H4 Hanging Man and the next candle is not finished yet, but it seems to be a bearish one. If the price comes at 0.99250 and produces H4 reversal candle at 0.99250, then the buyers will be waiting for a breakout at 0.99460 to take long entry.
Let us have a look at the summary of the trade
- Buy Stop Order: 0.99460
- Stop Loss Level: 0.99250
- Take Profit Target: 0.99750
Ideally, we should wait for an H4 breakout at the level of 0.99460. To take a trade on an H4 chart, an H4 reversal and then an H1 breakout do the trick. However, since the price on this trade setup has been on a heavy range, thus it is better to wait for an H4 breakout. I mean a good-looking H4 Engulfing candle has to breach through the resistance level, so that we can ride on that potential bull ride.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDCHF Free Forex Trading Signals – 4th May 2017
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