USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline down.
A bearish trend downwards to the next support line at 0.87584 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.88038 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 0.8769384 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support zone at 0.88038 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88794 |
| 2nd High | 0.88530 |
| Next High | 0.88038 |
| Current Price | 0.88007 |
| Next Low | 0.87584 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing