USD/CHF: bearish engulfing candle is in play
|USD/CHF had a bearish day yesterday. The price had a strong rejection and closed with a long upper shadow. The price of the H1 chart made an upward correction. It seems that it may have found its resistance. As of writing, the last two candles have been bearish. If the price continues to go towards the South and makes a bearish breakout, the sellers may get a chance to go short on the pair.
The chart produced a bearish engulfing candle at the level of 0.96900. If the price makes an H1 breakout at the level of 0.96740, the sellers may trigger a short entry upon the breakout confirmation.
Trade Summary
Entry: Sell below 0.96740
Stop Loss: Above 0.96900
Take Profit 1: 0.96490
Take Profit 2: 0.96385
Take Profit 3: 0.96245
Please Note: The price has a lot of space to travel towards the downside. Thus, the sellers may consider taking partial profit at Take Profit level 1, 2, 3 and let the rest of it run to grab more pips.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.