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.

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