Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF recently broke the Clear 4-hour Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the Quality of this Triangle at the 5 bar level – which corresponds to the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). Higher Clarity reflects the sharpness of the price impulses which formed this Triangle. USD/CHF is expected to rise to the forecast price 1.0216 in coming trading sessions.

As can be seen from the daily USD/CHF chart below, the breakout of this Triangle continues the active impulse wave, which started earlier from the support area lying between the parity and the 50% Fibonacci correction of the previous upward impulse from January. This Triangle breakout is also aligned with the prevailing uptrend visible on the daily USD/CHF charts – which adds to the probability the price will continues to rise toward the forecast price 1.0216 tomorrow.

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