Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF recently broke the key 30-minute support level 0.9872, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. USD/CHF is expected to continue to fall toward the forecast price 0.9758.
As can be seen from the daily USD/CHF chart below – the price recently reversed down from the strong resistance zone located between the key resistance level 1.0040 (which stopped the sharp uptrend in May) and the upper daily Bollinger Band. The proximity of this resistance zone adds to the probability USD/CHF will continue to fall toward the forecast price 0.9758.