Trade of the Day: USD/CHF

USD/CHF continues to rise inside the 4-hour Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). USD/CHF is expected to rise further inside this Rising Wedge.

As can be seen from the weekly USD/CHF chart below – the pair earlier reversed up from the support area located between the major multi-year support level 0.8700 (previous yearly low from 2014), lower weekly and daily Bollinger Bands and the support trendline of the weekly down channel from the start of this year. The proximity of this support area increases the probability USD/CHF will continue to rise inside this Rising Wedge.