Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF recently broke the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the medium Initial Trend (5 bars) , lower Uniformity (3 bars) and strong Clarity (8 bars). USD/CHF is expected to fall further toward the forecast price 0.9962.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed down with the daily long-legged Doji from the resistance area located between the multi-month resistance level 1.0045 (which has been reversing the pair from the May) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability USD/CHF will continue to fall toward the forecast price 0.9962.