USD/CHF – 1H – SELLThe pair US Dollar/Swiss Franc (USD/CHF) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 0.88207 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 0.88868 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89574 |
| 2nd High | 0.88943 |
| Next High | 0.88868 |
| Current Price | 0.88149 |
| Next Low | 0.88207 |
| 2nd Low | 0.88009 |
| 3rd Low | 0.87971 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing