Trade of the Day: USD/CHF

USD/CHF continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). USD/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily USD/CHF chart below – the pair earlier broke the long-term resistance level 0.9115 (which has been reversing the price from April).  The price levels are acting now as the strong support after they were broken.  The proximity of this support level increases the probability USD/CHF will continue to fall inside this Up Channel.