USD/CHF – 30M – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support at 0.88009 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.88433 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle pattern is detected. The chart shows ‘Bearish Engulfing’. this is a bearish chart scenario. The 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 | 0.88872 |
| 2nd High | 0.88815 |
| Next High | 0.88433 |
| Current Price | 0.88280 |
| Next Low | 0.88009 |
| 2nd Low | 0.87971 |
| 3rd Low | 0.87510 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing