USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline down.
A bearish trend down to the next support line at 0.87973 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 0.88478 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. 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 | 0.88943 |
| 2nd High | 0.88868 |
| Next High | 0.88478 |
| Current Price | 0.88237 |
| Next Low | 0.87973 |
| 2nd Low | 0.87971 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing