Currently on daily USDCHF pair, price action is showing a Bullish Engulfing chart pattern, which is one of two best reversal chart patterns, especially on daily charts. This is a two candlestick pattern, with previous candlestick body, which engulfs the next candlestick which is totally inside the body of previous candlestick.
One noted is a long red candlestick, which extended down to a PSYCHOLOGICAL price action number of 0.95000 & when back up. The candlestick's whole body (or green one) is a very small DOJI candlestick which stays inside the body of previous red candlestick's body. Also, noted was price action break of Bollinger Band (bottom) & RSI when this price action occurred was below 20, which means it was oversold.
* Note: Other reversal chart pattern is a Pin Bar reversal chart pattern, which consists of three individual candlesticks. Yes, I know that there are a lot of other price action reversal chart patterns, but in my view the two best are these.
One noted is a long red candlestick, which extended down to a PSYCHOLOGICAL price action number of 0.95000 & when back up. The candlestick's whole body (or green one) is a very small DOJI candlestick which stays inside the body of previous red candlestick's body. Also, noted was price action break of Bollinger Band (bottom) & RSI when this price action occurred was below 20, which means it was oversold.
* Note: Other reversal chart pattern is a Pin Bar reversal chart pattern, which consists of three individual candlesticks. Yes, I know that there are a lot of other price action reversal chart patterns, but in my view the two best are these.