Trade of the Day: CAD/CHF

By: Dima Chernovolov

CAD/CHF rising today inside the 30-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and higher clarity (6 bars). CAD/CHF is expected to rise further inside this Rising Wedge.

As can be seen from the daily CAD/CHF chart below – the pair earlier reversed up from the support area located between the key support 0.7180 (previous monthly low from July) and the lower daily Bollinger Band. The proximity of this support zone increases the probability CAD/CHF will continue rise inside this Rising Wedge.