USD/CHF: Likely To Rise To The Forecast Price 0.9697
AutoChartist | Aug 25, 2016 05:16AM ET
USD/CHF continues to rise after the price broke the “neckline” of the 4-hour Inverse Head and Shoulders chart pattern which was previously identified by Autochartist. The overall Quality of this chart pattern is rated by Autochartist at the 9 bar level – which is the result of the sharp Initial Trend (10 bars), high Clarity and Uniformity (rated at the 9 bar and 8 bar levels respectively). The strength of the breakout is similarly rated at the maximum – 10 bar level. USD/CHF is likely to rise to the forecast price 0.9697.
As can be seen from the weekly USD/CHF chart below – the “head” of this chart pattern formed near the powerful support zone lying between the long-term support level 0.9550 (which has been reversing the price from September of 2015) and the weekly lower Bollinger Band®. The proximity of this support zone adds to the likelihood the pair will soon reach the forecast price 0.9697.
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