Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF continues to fall toward the key support level 0.9059, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the three previous reversals from this resistance level. USD/CHF is expected to continue to fall toward the support level 0.9059.
As can be seen from the daily USD/CHF chart below – the pair earlier broke the daily up channel from the start of February – which strengthened the bearish pressure on this currency pair. The strength of the active daily downtrend increases the probability USD/CHF will continue to fall toward the support level 0.9059 (previous monthly low from February).