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USDCHF Price Action Analysis – 7th Aug 2017
USDCHF made a breakout towards the upside on the H4 chart. The last NFP’s “Unemployment data” helped the pair make the breakout. The pair then started having correction and came right up to the breakout level today. This means the pair looks good to give us a long entry if we get an H4 bullish reversal candle. Let us have a look at the H4-USDCHF chart….
USDCHF Price Action Analysis – 7th Aug 2017
See the H4 breakout candle, which was formed at NFP release hour. Then, those corrective H4 candles were formed. The price already had a rejection from the level of 0.97090 today. However, the last H4 candle is still bearish. Thus, we have to wait for an H4 bullish candle to be formed to go long on the pair. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.97100
- Stop Loss Level: 0.96700
- Take Profit Target: 0.97900
- 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
News events at the beginning of the month, especially the NFP release plays a big role in the Forex market. The pair that gets a direction from the NFP release; usually that direction or trend exists for the rest of the month. Do not take it for granted, but this is how it goes 70% of the time. USDCHF had been choppy for a long time on the H4 chart. It seems that it has found its direction. I assume the pair would be bullish for some days. I would not be surprised if it establishes a bullish trend on the Daily chart as well.
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