Bullish Engulfing on USD/CHF

Bullish Engulfing on USD/CHF

At the moment, the USD/CHF currency pair is consolidating after a sharp decline last week. The Price Action method indicates a possible correction of the trading instrument. Near the support level of 0.93700, the classic pattern of Bullish Engulfing (H1 timeframe) has been formed, which acts as a reversal formation. The key resistance is the round level of 0.94000. We recommend you to pay attention to this situation.

If the price fixes above the 0.94000 mark, one should look for entry points to the market to open long positions. The closest target for fixing profit is the resistance level of 0.94400. The movement is tending to 0.94750-0.94900. When following the positions, we recommend using a trailing stop.

by JustMarkets, 2018.03.07

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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