Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the 30-minute Up Channel, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel, at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and stronger Clarity (7 bars). USD/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up from the support area located between the support level 0.9200 (former minor resistance from June) and the 61.8% Fibonacci correction of the upward impulse from last month. The proximity of this support zone adds to the probability USD/CHF will continue to rise inside this Up Channel.