USD/CHF – 1H – BUYThe currency pair US Dollar/Swiss Franc (USD/CHF) jumps from the bullish trendline down.
A descending movement down to the next support line at 0.87963 is expected.
Caution: A possible change in the direction of resistance at 0.88868 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89574 |
| 2nd High | 0.88943 |
| Next High | 0.88868 |
| Current Price | 0.88744 |
| Next Low | 0.87963 |
| 2nd Low | 0.87952 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bullish Engulfing