EUR/CHF – 30M – SELLThe currency pair Euro/Swiss Franc (EUR/CHF) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.92907 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.93262 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. 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 | 0.93385 |
| 2nd High | 0.93298 |
| Next High | 0.93262 |
| Current Price | 0.92950 |
| Next Low | 0.92907 |
| 2nd Low | 0.92887 |
| 3rd Low | 0.92884 |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bearish Engulfing