USD/CHF – 30M – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 0.87584 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.88038 could occur.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘On Neck’ chart pattern is detected. The candles show ‘On Neck’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88794 |
| 2nd High | 0.88530 |
| Next High | 0.88038 |
| Current Price | 0.87868 |
| Next Low | 0.87584 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |