Daily Forex Update For May 16, 2018: USD/CHF
AutoChartist | May 16, 2018 05:19AM ET
USD/CHF recently reversed down from the top of the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (6 bars) and near-maximum Clarity (9 bars). USD/CHF is expected to fall further inside this Up Channel – in line with the earlier downward reversal from the resistance zone shown below.
As can be seen from the daily USD/CHF chart below, the top of this Up Channel formed when the price reversed down from the resistance zone lying between the long-term resistance level 1.0040 (multi-month high from last November) and the upper daily Bollinger Band. The proximity of this resistance zone and the overbought daily Stochastic increase the probability USD/CHF will continue to fall inside this Up Channel.
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