USD/CHF – 1H – SELLThe combination US Dollar/Swiss Franc (USD/CHF) goes from the bullish trendline downwards
A descending movement down to the next support at 0.90978 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.91732 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart shows ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.92007 |
| Next High | 0.91732 |
| Current Price | 0.91232 |
| Next Low | 0.90978 |
| 2nd Low | 0.90224 |
| 3rd Low | 0.90081 |
Trading Signals: FOREX – USD – USD/CHF – CHF – Bearish Engulfing