Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 7-bar level – which is the result of the average Initial Trend (5 bars), higher Uniformity (6 bars) and strong Clarity (8 bars). USD/CHF is expected to rise toward the forecast price 0.9166.

As can be seen from the daily USD/CHF chart below – the price earlier reversed up from the support zone lying between the pivotal support level 0.9100 (which has been reversing the price from August), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from June. The proximity of this support zone increases the probability USD/CHF will continue to rise toward the forecast price  0.9166.