USD/CHF – 4H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) jumps from the ascending trendline down.
The bearish trend down to the next support line at 0.89126 is likely expected.
Caution: A possible counter-trend in the direction of resistance at is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 0.90236 |
| Next Low | 0.89126 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing