EUR/CHF – 1H – SELLThe currency pair Euro/Swiss Franc (EUR/CHF) goes from the ascending trendline downwards
A descending movement down to the next support level at 0.93489 will continue.
Caution: A possible change in the direction of the resistance line at 0.93694 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.9355896 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support line at 0.93694 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Belt Hold’ candlestick pattern is detected. The chart shows ‘Bearish Belt Hold’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.94407 |
| 2nd High | 0.94278 |
| Next High | 0.93694 |
| Current Price | 0.93690 |
| Next Low | 0.93489 |
| 2nd Low | 0.93297 |
| 3rd Low | 0.93057 |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bearish Belt Hold