USD/CHF – 1H – BUYThe combination US Dollar/Swiss Franc (USD/CHF) jumps from the bearish trendline down.
A continuation of the downtrend down to the next support line at 0.81182 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.81967 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Current target is 0.81182 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of support at 0.81967 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘On Neck’ candlestick chart pattern is found. The candles show ‘On Neck’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘On Neck’ going down is 56% (Bull Market) & 58% (Bear Market).
Besides a ‘Support Level’ indicator signal is discovered. The indicator shows ‘Support Level’. which could be a negative chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.82390 |
| 2nd High | 0.82311 |
| Next High | 0.81967 |
| Current Price | 0.81336 |
| Next Low | 0.81182 |
| 2nd Low | 0.80991 |
| 3rd Low |
0.81967 – 0.82311 – 0.82390 – 0.81594 – 0.81182 – 0.81284