USD/CHF – 4H – BUYThe combination US Dollar/Swiss Franc (USD/CHF) goes from the ascending trendline down.
The bearish trend downwards to the next support level at 0.87354 will continue.
Caution: A possible change in the direction of resistance at 0.89574 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to rise. 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 | |
| 2nd High | |
| Next High | 0.89574 |
| Current Price | 0.89370 |
| Next Low | 0.87354 |
| 2nd Low | 0.87008 |
| 3rd Low | 0.86147 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bullish Engulfing