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

Este artículo representa una opinión personal y no debe interpretarse como un consejo de inversión, y/u oferta, y/o una petición persistente para llevar a cabo transacciones financieras, y/o una garantía, y/o un pronóstico de eventos futuros.

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