USD/CHF – 1H – SELLThe pair US Dollar/Swiss Franc (USD/CHF) jumps from the ascending trendline down.
A descending movement downwards to the next support level at 0.87706 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 0.88539 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ candlestick pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88885 |
| 2nd High | 0.88794 |
| Next High | 0.88539 |
| Current Price | 0.88300 |
| Next Low | 0.87706 |
| 2nd Low | 0.87584 |
| 3rd Low | 0.87354 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing