Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise inside the daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and higher Clarity (9 bars). USD/CHF is expected to rise further inside this chart pattern – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily USD/CHF chart below, the price earlier broke above the key round resistance level 1.0000 (which has been steadily reversing the price from the end of May). This price level is acting as a strong support level after it was broken. The proximity of this support level increases the probability USD/CHF will continue to advance inside this Rising Wedge.
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