USDCHF Bearish Engulfing Hourly Chart
Resistance: 0.9271 moderate/0.9302 strong/0.9338 moderate
Support: 0.9235 minor/0.9204 minor
The Bearish Engulfing in Hourly charts is a confirmation of the overall bearish trend. With a moderate resistance at, 0.9271 consider shorts from the said price with a stop loss above it. Alternatively stops could be placed above the pattern high. Immediate objective is 0.9235, break of which opens us to a sell-off to 0.9204.
EURUSD Bullish Engulfing Hourly Chart
Resistance: 1.3342 minor/1.3394 minor
Support: 1.3265 moderate/1.3213 strong/1.3136 moderate
Market is generally bullish with Bullish Engulfing suggesting a further push up. Given that the pattern is a medium reliability setup consider going long the immediate objective at 1.3342 possibly a run to 1.3394. Stop losses ideally should be under 1.3265 though a tighter stop under the pattern low is also viable. It is best to wait for a confirmation.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices