USD/CHF – 1H – SELLThe currency pair US Dollar/Swiss Franc (USD/CHF) goes from the descending trendline downwards
A continuation of the downward movement down to the next support at 0.87973 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.88478 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candle pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88943 |
| 2nd High | 0.88868 |
| Next High | 0.88478 |
| Current Price | 0.88032 |
| Next Low | 0.87973 |
| 2nd Low | 0.87971 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing