USD/CHF – 1H – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the ascending trendline downwards
A descent down to the next support level at 0.88984 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.89483 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. 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 | |
| 2nd High | 0.89574 |
| Next High | 0.89483 |
| Current Price | 0.89647 |
| Next Low | 0.88984 |
| 2nd Low | 0.88161 |
| 3rd Low | 0.88106 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing