USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at 0.87963 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 0.88894 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89574 |
| 2nd High | 0.88943 |
| Next High | 0.88894 |
| Current Price | 0.88454 |
| Next Low | 0.87963 |
| 2nd Low | 0.87952 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing