USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 0.88589 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 0.88815 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candle chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88997 |
| 2nd High | 0.88872 |
| Next High | 0.88815 |
| Current Price | 0.88299 |
| Next Low | 0.88589 |
| 2nd Low | 0.87971 |
| 3rd Low | 0.87510 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing