USD/CHF – 4H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 0.87354 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.88894 should always be considered.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.89574 |
| Next High | 0.88894 |
| Current Price | 0.87776 |
| Next Low | 0.87354 |
| 2nd Low | 0.87008 |
| 3rd Low | 0.86147 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing