USD/CHF – 1H – BUYThe currency pair US Dollar/Swiss Franc (USD/CHF) goes from the bullish trendline down.
A descent down to the next support level at 0.82391 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.83346 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Matching Low’ candlestick chart pattern is found. The candles show ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
There is also a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. this is usually a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.86736 |
| 2nd High | 0.85834 |
| Next High | 0.83346 |
| Current Price | 0.82843 |
| Next Low | 0.82391 |
| 2nd Low | 0.81969 |
| 3rd Low | 0.80392 |
0.83346 – 0.83110 – 0.82871 – 0.82391 – 0.81969 – 0.80392
Trading Signals: FOREX – USD – USD/CHF – CHF – Matching Low