USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline downwards
A bearish descent down to the next support level at 0.88360 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.88619 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 0.88199216 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support line at 0.88619 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candle chart pattern is existing. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88872 |
| 2nd High | 0.88815 |
| Next High | 0.88619 |
| Current Price | 0.88372 |
| Next Low | 0.88360 |
| 2nd Low | 0.88139 |
| 3rd Low | 0.88009 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing