The combination Euro/Swiss Franc (EUR/CHF) breaks through the descending trendline up.
A bullish movement up to the next resistance level at 0.93666 is certain.
Caution: A possible trend reversal in the direction of the support line at 0.93410 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bullish Engulfing’ candle pattern is found. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
Support & Resistance | Price Range* |
---|---|
3rd High | 0.94176 |
2nd High | 0.93879 |
Next High | 0.93666 |
Current Price | 0.93604 |
Next Low | 0.93410 |
2nd Low | 0.93385 |
3rd Low | 0.93057 |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bullish Engulfing