Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise toward the hourly key resistance level 0.8997 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 7-bar level – which is the result of the seven previous price reversals from this price level. USD/CHF is expected to continue to rise toward the resistance level 0.8997.
As can be seen from the daily USD/CHF chart below – the pair earlier reversed up from the support area located between the key support level 0.8936 (which has been reversing the price from May) and the lower daily Bollinger Band. The proximity of this support area increases the probability daily USD/CHF will continue to rise toward the resistance level 0.8997.