USD/CHF – 1H – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 0.87963 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 0.88894 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The 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 | 0.89574 |
| 2nd High | 0.88943 |
| Next High | 0.88894 |
| Current Price | 0.88677 |
| Next Low | 0.87963 |
| 2nd Low | 0.87952 |
| 3rd Low | 0.87008 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing