USD/CHF – 1H – BUYThe pair US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline downwards
A descending movement downwards to the next support line at 0.87008 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.88530 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Bullish Meeting Lines’ candle pattern is detected. The candles form ‘Bullish Meeting Lines’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88885 |
| 2nd High | 0.88794 |
| Next High | 0.88530 |
| Current Price | 0.87845 |
| Next Low | 0.87008 |
| 2nd Low | 0.86196 |
| 3rd Low | 0.86157 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bullish Meeting Lines