Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (8 bars) and significant Clarity (7 bars). USD/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily USD/CHF chart below – the pair earlier broke above the key resistance level 0.99500 (which reversed the pair sharply at the end of September). This price level is acting as the strong support after it was broken. The proximity of this support level adds to the probability USD/CHF will continue to rise further inside this Up Channel.