USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support line at 0.87952 is expected.
Caution: A possible trend reversal in the direction of resistance at 0.88478 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candle pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. 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 | 0.88943 |
| 2nd High | 0.88868 |
| Next High | 0.88478 |
| Current Price | 0.88095 |
| Next Low | 0.87952 |
| 2nd Low | 0.87510 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing