Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the strong Initial Trend (8 bars), average Uniformity (5 bars) and high Clarity (9 bars). USD/CHF is expected to rise inside this Up Channel – in line with the earlier breakout of the resistance area highlighted below.

As can be seen from the daily USD/CHF chart below, price earlier broke the resistance area lying between the resistance level 0.9830 (former monthly high from January) and the resistance trendline of the daily up channel from February. This price zone is acting as strong support area after it was broken. The proximity of this support zone increases the probability USD/CHF will continue to rise inside this Up Channel.

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