USD/CHF – 30M – BUYThe pair US Dollar/Swiss Franc (USD/CHF) jumps from the ascending trendline down.
A bearish descent down to the next support level at 0.88000 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 0.88484 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Northern Doji’ chart pattern is discovered. The candles form ‘Northern Doji’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Moreover a ‘Double top chart pattern’ chart formation is discovered. The chart picture shows ‘Double top chart pattern’. which is a negative chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89255 |
| 2nd High | 0.88636 |
| Next High | 0.88484 |
| Current Price | 0.88191 |
| Next Low | 0.88000 |
| 2nd Low | 0.87993 |
| 3rd Low | 0.87964 |
0.88484 – 0.88454 – 0.88391 – 0.88000 – 0.88259 – 0.88227
Trading Signals: FOREX – USD – USD/CHF – CHF – Northern Doji