Daily Forex Update: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise after the earlier breakout of the uniform Falling Wedge chart pattern which was recently identified by Autochartist on the daily charts. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (8 bars) and lower Clarity (3 bars). USD/CHF is expected to rise to the forecast price 0.9774 – in line with the earlier upward reversal from the major support zone shown below.   

As can be seen from the weekly USD/CHF chart below, the bottom of this Falling Wedge formed when the price reversed up from the support area located between the long-term support level 0.9460 (previous strong support from May of 2016) and the lower weekly Bollinger Band. The proximity of the support zone increases the probability AUD/JPY will continue to rise toward the forecast price 0.9774.

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