Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to fall inside the 4-hour Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), medium Uniformity (5 bars) and strong Clarity (9 bars). USD/CHF is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the weekly USD/CHF below, the top of this Down Channel formed when the price reversed down from the key resistance area lying between the resistance level 1.0100 (which has been reversing the price from the middle of last year) and the upper weekly Bollinger Band. The proximity of this resistance area increases the probability daily USD/CHF will continue fall inside this Down Channel.
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