USD/CHF – 30M – SELLThe currency pair US Dollar/Swiss Franc (USD/CHF) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 0.87584 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.87925 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88530 |
| 2nd High | 0.88038 |
| Next High | 0.87925 |
| Current Price | 0.87796 |
| Next Low | 0.87584 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing