Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to fall inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and strong Clarity (9 bars). USD/CHF is expected to fall further inside this chart pattern – in line with the earlier downward reversal from the major resistance zone shown below.

As can be seen from the weekly USD/CHF chart below, the top of this Up Channel formed near the major resistance area lying between the long-term resistance level 1.0040 (which has been reversing the price from the end of 2017) and the upper weekly Bollinger Band. The proximity of this resistance zone and the bearish divergence on the weekly Stochastic indicator increase the probability USD/CHF will continue to fall inside this Up Channel.

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