USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the bearish trendline down.
A continuation of the downtrend down to the next support line at 0.88511 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 0.88894 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. 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 | 0.89168 |
| 2nd High | 0.88943 |
| Next High | 0.88894 |
| Current Price | 0.88842 |
| Next Low | 0.88511 |
| 2nd Low | 0.87963 |
| 3rd Low | 0.87952 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing