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 5-bar level – which is the result of the slow Initial Trend (1 bar), average Uniformity (5 bars) and strong Clarity (9 bars). USD/CHF is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily USD/CHF below, the pair today broke through the key resistance level located at the parity – which has been steadily reversing the price from the end of November. This price level is acting as strong support after it was broken. The proximity of this support level and the strength of active daily impulse wave increase the probability USD/CHF will continue to rise inside this Rising Wedge.
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