USD/CHF – 30M – SELLThe currency pair US Dollar/Swiss Franc (USD/CHF) goes from the bearish trendline down.
A continuation of the downward movement down to the next support line at 0.81182 will continue.
Caution: A possible change in the direction of resistance at 0.81967 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 0.81182 at the Fibonacci level 1-Level. Caution: A possible change in the direction of the support zone at 0.81967 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘On Neck’ candle pattern is discovered. The candles show ‘On Neck’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| 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 – 0.81993 – 0.81742 – 0.81594 – 0.81182