EUR/CHF – 1H – BUYThe pair Euro/Swiss Franc (EUR/CHF) moves from the ascending trendline down.
A bearish movement downwards to the next support at 0.94020 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.94398 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candle chart pattern is found. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.94423 |
| 2nd High | 0.94407 |
| Next High | 0.94398 |
| Current Price | 0.94084 |
| Next Low | 0.94020 |
| 2nd Low | 0.93814 |
| 3rd Low | 0.93650 |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bullish Engulfing