Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF recently broke the 30-minute Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), medium Uniformity (5 bars) and significant Clarity (8 bars). USD/CHF is expected to rise toward the forecast price 0.9542.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up strongly from the support area lying between the support level 0.9400 (which reversed the price sharply in August) and the lower daily Bollinger Band. The proximity of support area and the still oversold daily Stochastic increase the probability USD/CHF will continue rise toward the forecast price 0.9542.