Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to fall inside the clear hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). USD/CHF is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the major resistance area shown below.
As can be seen from the weekly USD/CHF chart below, the price earlier reversed down from the long-term the resistance area lying between the parity and the resistance level 1.0100. This resistance area was further strengthened by the upper weekly Bollinger Band. The proximity of this resistance area increases the probability USD/CHF will continue to fall inside this Down Channel.
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