Trade of the Day: CAD/CHF

CAD/CHF recently broke the 4-hour Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which is the result of the slow Initial Trend (3 bars), below-average Uniformity (4 bars) and strong Clarity (9 bars). CAD/CHF is expected to rise toward the forecast price 0.6684.

As can be seen from the daily CAD/CHF chart below – the pair earlier reversed up from the support zone located between the key support level 0.6500 (which formed the weekly Hammer last week) and the lower weekly Bollinger Band. The proximity of this support zone and the still oversold daily Stochastic increase the probability CAD/CHF will continue to rise toward the forecast price 0.6684.