EUR/CHF – 1H – SELLThe currency pair Euro/Swiss Franc (EUR/CHF) jumps from the bullish trendline downwards
The bearish trend down to the next support line at 0.92696 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.93222 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-Level.Continuation of the current descending trend is certain. Current target is 0.92852 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of support at 0.93222 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a negative 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 | 0.93298 |
| 2nd High | 0.93262 |
| Next High | 0.93222 |
| Current Price | 0.92723 |
| Next Low | 0.92696 |
| 2nd Low | 0.92045 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bearish Engulfing