Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the clear Down Channel was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). USD/CHF is expected to fall further inside this Down Channel – following the earlier breakout of the key support level 0.9610.

As can be seen from the daily USD/CHF chart below, the price earlier broke through the pivotal support level 0.9610 (which reversed the previous sharp downward impulse wave at the start of June and in last November). This price level is acting as resistance after it was broken. The proximity of this resistance level adds to the probability USD/CHF will continue to fall further inside this Down Channel.

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