Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise toward the key resistance level 0.9330, which was previously identified by  Autochartist on the 15-minute charts. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three earlier reversals from this price level. USD/CHF expected to soon reach the resistance level 0.9330 – in line with the earlier upward reversal from the powerful support area highlighted below.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up from the major support area lying between the key support level 0.9200 (which stopped the sharp downtrend in 2018, as can be seen below) and the lower daily Bollinger Band. The proximity of this support zone increases the probability USD/CHF will continue to rise toward the resistance level 0.9330.