USD/CHF – 30M – BUYCorrection of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 0.89679 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 0.90214 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Down’ candle pattern is found. The candles show ‘Three Outside Down’. this 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 ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.90214 |
| Current Price | 0.89957 |
| Next Low | 0.89172 |
| 2nd Low | 0.89171 |
| 3rd Low | 0.89144 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Three Outside Down