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