Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise inside the clear 4-hour Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which reflects the medium Initial Trend (5 bars), low Uniformity (2 bars) and strong Clarity (8 bars). USD/CHF is expected to rise further inside this Rising Wedge.
As can be seen from the daily USD/CHF chart below – this currency pair earlier broke through the 3 progressively more sharp upward channels – indicating the acceleration of the active daily uptrend. The strength of the daily uptrend adds to the probability USD/CHF will continue to rise inside this Rising Wedge.