USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.88011 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 0.88478 could occur.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88943 |
| 2nd High | 0.88868 |
| Next High | 0.88478 |
| Current Price | 0.88120 |
| Next Low | 0.88011 |
| 2nd Low | 0.87973 |
| 3rd Low | 0.87971 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing