EUR/CHF – 1H – SELLThe currency pair Euro/Swiss Franc (EUR/CHF) goes from the descending trendline down.
A continuation of the downward movement down to the next support at 0.92555 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.93021 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative pattern 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 | 0.93262 |
| 2nd High | 0.93222 |
| Next High | 0.93021 |
| Current Price | 0.92841 |
| Next Low | 0.92555 |
| 2nd Low | 0.92045 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bearish Engulfing