Daily Forex Update: USD/CHF

By: Dima Chernovolov

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.

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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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