USD/CHF – 30M – BUYThe combination US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline down.
A descent down to the next support level at 0.87584 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 0.88038 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ candlestick pattern is detected. The chart shows ‘Bullish Engulfing’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88794 |
| 2nd High | 0.88530 |
| Next High | 0.88038 |
| Current Price | 0.87863 |
| Next Low | 0.87584 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bullish Engulfing