Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise inside the daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which reflects the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and medium Clarity (7 bars). USD/CHF is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily USD/CHF below, the pair earlier reversed up from the support area lying between the key support level 0.9860 (which reversed the price in October), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the end of September. The proximity of this support area increases the probability USD/CHF will continue to rise inside this Rising Wedge.
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