By: Dima Chernovolov
USD/CHF continues to rise inside the Rising Wedge chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and similar Clarity (6 bars). USD/CHF is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily USD/CHF chart below, the price earlier reversed up from the support area lying between the key support level 0.9450 (former resistance from February), 38.2% Fibonacci correction of the upward impulse from February and the upper trendline of the daily down channel from December. The proximity of this support area increases the probability USD/CHF will continue to rise inside this chart pattern.
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