USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the bullish trendline down.
A descending movement down to the next support at 0.87354 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.88038 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88794 |
| 2nd High | 0.88530 |
| Next High | 0.88038 |
| Current Price | 0.87900 |
| Next Low | 0.87354 |
| 2nd Low | 0.87008 |
| 3rd Low | 0.86196 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing