Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF recently broke the key support level 0.9393, which was previously identified by Autochartist. Autochartist rates the Significance of this support 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 fall toward the forecast price 0.9365.
As can be seen from the weekly USD/CHF chart below – the price earlier reversed down from the powerful resistance area located between the long-term resistance level 0.9465 (previous yearly high from 2021), upper weekly Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from 2020. The proximity of this resistance zone increases the probability USD/CHF will continue to fall toward the forecast price 0.9365.