Bullish Engulfing on USD/CHF

Bullish Engulfing on USD/CHF

At the moment there is an increase in demand for the US dollar. In the near future, we do not exclude the technical correction of the USD/CHF currency pair after a significant drop since the beginning of this year. Near the key demand zone of 0.92650-0.93250 a classic pattern of Price Action, Bullish Engulfing, was formed (H4 timeframe). The trading instrument is testing the local resistance of 0.94150. We recommend you to pay attention to this situation.

If the price fixes above the 0.94150 mark, a correction on the USD/CHF currency pair is expected. The immediate goal of fixing profits is a round level of 0.95000. In the medium term, USD/CHF may reach the level of 0.95500-0.96250. When following the positions, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2018.02.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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