USD/CHF – 30M – SELLThe pair US Dollar/Swiss Franc (USD/CHF) moves from the bullish trendline down.
A bearish descent downwards to the next support level at 0.89172 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.90214 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Last Engulfing Bottom:’ chart pattern is existing. The chart forms ‘Last Engulfing Bottom:’. 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 success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.90214 |
| Current Price | 0.89721 |
| Next Low | 0.89172 |
| 2nd Low | 0.89171 |
| 3rd Low | 0.89144 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Last Engulfing Bottom: