Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF recently broke the clear daily Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the significant Initial Trend (6 bars), higher Uniformity (8 bars) and maximum Clarity (10 bars). USD/CHF is expected to rise toward the forecast price 0.9396.

As can be seen from the daily USD/CHF chart below, the price earlier reversed up from the support area located between the pivotal support level 0.9040 (which has been reversing the price from August) and the lower daily Bollinger Band. The proximity of this support area adds to the probability USD/CHF will continue to rise toward the forecast price 0.9396.