Bearish Engulfing on USD/CHF

Bearish Engulfing on USD/CHF

Last week aggressive sales of USD/CHF were observed. The Swiss franc rose in price by more than 150 points. The trading instrument has updated local extremes. At the moment, the quotes are consolidating. The Price Action method signals a further fall in the USD/CHF currency pair. Near the "mirror" resistance a classic pattern of "Bearish Engulfing" (H4 timeframe), which acts as a continuation of the current trend, has been formed. Local support is at the level of 0.97450. We recommend you to pay attention to this situation.

If the price fixes below 0.97450, it is necessary to consider sales of USD/CHF. The immediate goal for fixing profits is the round level of 0.97000. In the medium term, the USD/CHF currency pair may reach the level of 0.96500-0.96250. Confirmations and entry points should be looked for on lower timeframes. When tracking positions, one should use a trailing stop.

by JustForex, 2018.08.29

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Choosing Currency Pairs in Forex Trading
The forex market is the most liquid one among other markets where banks, brokers, corporations, traders, investment and hedge funds actively participate in the exchanging operations and set the pace. In this article you will find out how to make this "currency choice" and meet your trading objectives.
Read more
The Best Time to Trade Forex in Malaysia
The forex market has its ups and downs throughout the day, meaning that the activity in the morning is completely different from the activity in the evening. As a trader, you want to enter the market at its most active hours. Read on to learn more about the most advantageous time for trading currency pairs in Malaysia.
Read more
What is the Best Time to Trade Forex in Indonesia
Your trading results depend on many things. One of them is the time of the day when you trade. This article is to help you build an optimal schedule for your profitable forex trades and find the best hours for trading forex in India.
Read more