Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the clear 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 (one bar) and above-average Uniformity and Clarity (both rated at the 6 bar level). USD/CHF is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support zone shown below.

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As can be seen from the daily USD/CHF chart below, the price recently reversed up with the daily Hammer from the support area lying between the support level 0.9700 and the 50% Fibonacci correction of the upward price impulse from the middle of September. The proximity of this support zone heightens the probability USD/CHF will continue to advance inside this Rising Wedge.

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