Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise inside the 30-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which reflects the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). USD/CHF is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the resistance zone shown below.
As can be seen from the daily USD/CHF below, the pair recently broke through the resistance zone lying between the key resistance level 0.9900 (which reversed the price at the start of January) and the resistance trendline of the daily Down Channel from November. This price area is acting as a strong support zone after it was broken. The proximity of this support area increases the probability USD/CHF will continue to rise inside this Rising Wedge.
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