USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the bullish trendline down.
A descending movement down to the next support line at 0.87008 is likely expected.
Caution: A possible change in the direction of the resistance zone at 0.88530 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. 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 | 0.88885 |
| 2nd High | 0.88794 |
| Next High | 0.88530 |
| Current Price | 0.87845 |
| Next Low | 0.87008 |
| 2nd Low | 0.86196 |
| 3rd Low | 0.86157 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing