Trade of the Day: USD/CHF

By: Dima Chernovolov

USD/CHF continues to rise toward the key resistance level 0.9452, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 4-bar level – which is the result of the 4 previous price reversals from this price level. USD/CHF is expected to rise toward the resistance level 0.9452.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up from the powerful support level 0.9395 (which has been reversing the pair from August), intersecting with the lower daily Bollinger Band. Given the oversold daily Stochastic, USD/CHF can be expected to rise further toward the resistance level 0.9452.