USDCHF took a long bearish ride on the H4 chart. The price seems to have found a good level of Support. The price made a breakout at a down trending Trend line as well. Thus, the pair might go towards the North if we get an H4 breakout at yesterday’s higher high. Let us have a look at the H4 USDCHF chart.
USDCHF Price Action Analysis – 19th Sept 2018
After being very bearish the level of 0.96000 played its part by producing an Engulfing Bullish H4 candle. The price went up to the level of 0.96560 yesterday, and then it produced some H4 candles that indicate consolidation. The current candle has been bullish so far. If it ends up by making a breakout at the level of 0.96560, then an H1 bullish Engulfing candle at the time of correction would be the signal to take a long entry later today. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.96560
- Stop Loss: 0.96335
- Take Profit: 0.96925
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The USD has a high impact news event called “Crude oil inventories” at GMT 15.30. I assume the signal would come much earlier than the news event hour. As long as the signal comes at least 2 hours earlier than the news event hour, we are alright to take the entry. However, by any chance if it comes at GMT15.30, we should not take the entry but wait at least the news hour to get over.
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