USD/CHF – 1H – BUYThe combination US Dollar/Swiss Franc (USD/CHF) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 0.88161 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 0.89574 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Outside Up’ chart pattern is existing. The candles show ‘Three Outside Up’. 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 success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.89574 |
| Current Price | 0.89358 |
| Next Low | 0.88161 |
| 2nd Low | 0.88106 |
| 3rd Low | 0.87706 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Three Outside Up