USD/CHF – 4H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the ascending trendline down.
A bearish descent downwards to the next support level at 0.89126 is likely expected.
Caution: A possible change in the direction of the resistance zone at 0.90214 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is existing. The candles form ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.90214 |
| Current Price | 0.89955 |
| Next Low | 0.89126 |
| 2nd Low | 0.87354 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing