USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 0.88294 is considered certain.
Caution: A possible change in the direction of the resistance level at 0.88885 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88943 |
| 2nd High | 0.88894 |
| Next High | 0.88885 |
| Current Price | 0.88675 |
| Next Low | 0.88294 |
| 2nd Low | 0.87963 |
| 3rd Low | 0.87952 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing