EUR/CHF – 30M – BUYThe currency pair Euro/Swiss Franc (EUR/CHF) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.92903 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 0.93018 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘On Neck’ candle pattern is detected. The chart forms ‘On Neck’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.93222 |
| 2nd High | 0.93027 |
| Next High | 0.93018 |
| Current Price | 0.92687 |
| Next Low | 0.92903 |
| 2nd Low | 0.92852 |
| 3rd Low | 0.92768 |