USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the ascending trendline down.
A bearish descent down to the next support line at 0.87008 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.88530 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Outside Down’ candlestick pattern is found. The candles form ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88885 |
| 2nd High | 0.88794 |
| Next High | 0.88530 |
| Current Price | 0.87710 |
| Next Low | 0.87008 |
| 2nd Low | 0.86196 |
| 3rd Low | 0.86157 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Three Outside Down