Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (3 bars), medium Uniformity (5 bars) and strong Clarity (9 bars). USD/CHF is expected to rise further inside this Rising Wedge.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up sharply from the support zone located between the pivotal support level 0.9850 (which has been reversing the pair from the start of July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from August. The proximity of support zone adds to the probability USD/CHF will continue to rise inside this Rising Wedge.