EUR/CHF – 1H – SELLThe combination Euro/Swiss Franc (EUR/CHF) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 0.92045 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.93653 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.93933 |
| 2nd High | 0.93697 |
| Next High | 0.93653 |
| Current Price | 0.93265 |
| Next Low | 0.92045 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/CHF – CHF – Bearish Engulfing