USD/CHF – 1H – BUYThe currency pair US Dollar/Swiss Franc (USD/CHF) moves from the bullish trendline downwards
The bearish trend down to the next support at 0.89843 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.90272 could happen.
Consider stop-loss settings accordingly.
Then a ‘Hammer’ candlestick pattern is discovered. The chart forms ‘Hammer’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Hammer’ going up is 60% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.90272 |
| Current Price | 0.90212 |
| Next Low | 0.89843 |
| 2nd Low | 0.89126 |
| 3rd Low | 0.88984 |