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

USD/CHF produced a bearish candle in the daily chart yesterday. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several candles. The price may have found its intraday support, and it may make the pair have a bullish correction. The sellers are to keep their eyes in the pair to get a bearish reversal candle at a key level to go short. Let us now have a look at the H1-USD/CHF chart.

Chart 1 USD/CHF H1 Chart

The chart shows that the price has been heading towards the South with good bearish momentum. It made a breakout at 0.91265, which is yesterday’s lowest low. It continued its bearish move. The level of 0.90650 may work as an intraday support. As of writing, the price has been bullish in the current H1 candle. If the price goes towards the upside to make a bullish correction, the level of 0.90950 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 0.90800.

Trade Summary:

Entry: Sell below 0.90800

Stop Loss: Above 0.90950

Take Profit 1: 0.90480

Take Profit 2: 0.90370

Take Profit 3: 0.90200

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Wednesday, 05 Aug, 2020 / 2:32

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