Trade of the Day: USD/CHF

USD/CHF continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and medium Clarity (5 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 area located between the support level 0.9210 (which has been reversing the price in the middle of December) and the lower daily Bollinger Band. The proximity of this support area and the bullish divergence on the daily Stochastic indicator adds to the probability USD/CHF will continue to rise inside this Rising Wedge.