Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the clear Down Channel which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (6 bars) and substantial Clarity (9 bars). USD/CHF is expected to rise further inside this Down Channel  – continuing the earlier upward reversal from  the support area shown below.

As can be seen from the weekly USD/CHF chart below, the bottom of this Down Channel formed when the pair reversed up from the support area lying between the powerful long-term support level 0.9550 (which has been reversing the price from last year) and the lower weekly Bollinger Band.  The strength of this support area and the oversold reading on the weekly Stochastic increase the probability USD/CHF will continue to rise inside this Down Channel.

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