USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) goes from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.87952 will persist.
Caution: A possible counter-trend in the direction of resistance at 0.88478 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Current target is 0.87952 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support zone at 0.88478 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish 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 | 0.88943 |
| 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