USD/CHF – 30M – SELLThe combination US Dollar/Swiss Franc (USD/CHF) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 0.88527 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 0.88756 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88894 |
| 2nd High | 0.88885 |
| Next High | 0.88756 |
| Current Price | 0.88653 |
| Next Low | 0.88527 |
| 2nd Low | 0.88294 |
| 3rd Low | 0.87963 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing