USD/CHF – 1H – BUYThe combination US Dollar/Swiss Franc (USD/CHF) goes from the ascending trendline down.
The bearish trend down to the next support level at 0.90227 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.90799 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish pattern 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 | |
| 2nd High | |
| Next High | 0.90799 |
| Current Price | 0.90489 |
| Next Low | 0.90227 |
| 2nd Low | 0.90099 |
| 3rd Low | 0.89843 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bullish Engulfing