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USD/CHF: The sellers to wait for a bearish reversal at a key level

EagleFX

USD/CHF has been bearish in the daily chart for the last three days. Yesterday’s candle came out as a bearish candle. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several hours. The price has been having a bullish correction. If the breakout level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair.

Chart 1 USD/CHF H1 Chart


The chart shows that the price made a bearish move and had a bounce at the level of 0.94460. The price made a bullish correction and made a breakout at the level of 0.94460. Upon having its support, it produced a bullish inside bar. It has been heading towards the breakout level. If the breakout level produces a bearish reversal candle, the sellers may go short in the pair below the level of 0.94325.

Trade Summary:

Entry: Sell below 0.94325

Stop Loss: Above 0.94460

Take Profit 1: 0.94100

Take Profit 2: 0.94000

Take Profit 3: 0.93875

EagleFX Review

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