Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to fall inside the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (7 bars) and near-maximum Clarity (9 bars). USD/CHF is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the resistance zone shown below.

As can be seen from the daily USD/CHF chart below, the price earlier reversed down with the daily Shooting Star from the resistance zone lying between the key resistance level 1.0050 (which stopped the sharp uptrend in May), parity and the upper daily Bollinger Band. The proximity of this resistance area increases the probability USD/CHF will continue to fall inside this Down Channel.

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