USD/CHF – 4H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the ascending trendline down.
A descending movement down to the next support at 0.90081 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The candles form ‘Last Engulfing Bottom:’. which is a negative 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 ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 0.91392 |
| Next Low | 0.90081 |
| 2nd Low | 0.89126 |
| 3rd Low | 0.87354 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Last Engulfing Bottom: