Trade of the Day: USD/CHF
By: Dima Chernovolov
USD/CHF continues to rise inside the 30-minute Up Channel chart pattern which was identified previously by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), significant Uniformity (7 bars) and higher Clarity (8 bars). USD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily USD/CHF chart below, the pair earlier reversed up strongly from the support area lying between the support level 0.9850 (which has been steadily reversing the pair from the start of September) and the lower daily Bollinger Band. The proximity of this support area increases the probability USD/CHF will continue to rise inside this Up Channel.