USDCHF Bears Are In Control – Free Forex Trading Education For Beginners [2019]

Trade Idea: USDCHF Bears Are In Control

Important note on charts:

It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.

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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.

Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.

Potential Trade Setup: USDCHF Bears Are In Control

All charts I provide are of the Daily time frame unless stated otherwise.

USDCHF

Trend: Very Bearish

Key Levels: Broken support key level 0.9853 with next current support at the 0.9716

Price Action Signal: Awaiting a retest of the broken key level for a price action signal

Chart Notes: The USDCHF pair broke out in momentum at the support level of the trend line and 0.9853 after a strong bearish impulsive move.

With a strong bearish bias that remains intact, I am watching for future bearish movement.

Potential Trade Idea:

I am considering selling this pair again if the broken key level of 0.9853 now holds as a new resistance.

I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.

This setup will have plenty of free space, giving the trade idea room to head lower to the current key level of support. Providing a easily achievable first target of a 1-1 risk to reward.

I can’t stress enough here, that patient and discipline is the key to any successful trader.

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Now is your turn:

How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.