Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to fall inside the clear daily 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), significant Uniformity (7 bars) and high Clarity (9 bars). USD/CHF is expected fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily USD/CHF chart below, the price today broke through the key support level 0.9650 (former resistance from April, which stopped the sharp downward impulses in August and also earlier this month). This price level is acting as a resistance after it was broken. The proximity of this resistance level and the strong daily downtrend increase the probability USD/CHF will continue to fall inside this Down Channel.
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