Daily Forex Update: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise in the direction of the Key Resistance level 1.0271 (of the type Approach) which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this key level at the 3 bar level – which is the result of the three recent price reversals from this resistance level. USD/CHF is expected to reach this key level in the coming trading sessions.
As can be seen from the daily USD/CHF chart below, the price earlier reversed up sharply from the support zone located between the pivotal support level 1.0500 (which also reversed the pair in December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from November. The proximity of this support area adds to the likelihood USD/CHF will soon reach the resistance level 1.0271.
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