Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF recently broke the daily Up Channel chart pattern which was recently 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), significant Uniformity (7 bars) and higher Clarity (8 bars). USD/CHF is expected to fall toward the forecast price 0.9792 – in line with the earlier downward reversal from the major resistance zone shown below.
As can be seen from the daily USD/CHF chart below, the top of this Up Channel formed near the strong resistance zone lying between the powerful resistance level 1.0050 (which stopped the sharp uptrend in May) and upper daily Bollinger Band. The proximity of this resistance area increases the probability USD/CHF will continue to fall toward the forecast price 0.9792.
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