Daily Forex Update: USD/CHF
AutoChartist | Jul 23, 2018 05:31AM ET
USD/CHF continues to fall inside the daily Up Channel chart pattern which was previously 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 (5 bars) and strong Clarity (9 bars). USD/CHF is expected to fall further inside this chart pattern – in line with the earlier downward reversal from the major resistance zone shown below.
As can be seen from the weekly USD/CHF chart below, the top of this Up Channel formed near the major resistance area lying between the long-term resistance level 1.0040 (which has been reversing the price from the end of 2017) and the upper weekly Bollinger Band®. The proximity of this resistance zone and the bearish divergence on the weekly Stochastic indicator increase the probability USD/CHF will continue to fall inside this Up Channel.
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