USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the descending trendline down.
A continuation of the downtrend down to the next support line at 0.87963 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 0.88894 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candle pattern is existing. The chart forms ‘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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89574 |
| 2nd High | 0.88943 |
| Next High | 0.88894 |
| Current Price | 0.88797 |
| Next Low | 0.87963 |
| 2nd Low | 0.87952 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing