Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise in the direction of the key resistance level 0.9183 which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Significance of this resistance level at the 6-bar level – which is the result of the six previous price reversals from this price level. USD/CHF is expected to continue to rise toward the resistance level 0.9183.
As can be seen from the daily USD/CHF chart below – the price earlier reversed up from the support zone lying between the powerful support level 0.9110 (which has been reversing the price from the middle of August) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability USD/CHF will continue to rise toward the forecast price 0.9200.