USD/CHF – 30M – SELLThe combination US Dollar/Swiss Franc (USD/CHF) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.89933 is certain.
Caution: A possible change in the direction of the resistance level at 0.90118 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Last Engulfing Bottom:’ candle pattern is existing. The candles show ‘Last Engulfing Bottom:’. this 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 ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.90214 |
| Next High | 0.90118 |
| Current Price | 0.90045 |
| Next Low | 0.89933 |
| 2nd Low | 0.89894 |
| 3rd Low | 0.89771 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Last Engulfing Bottom: