Trade of the Day: USD/CHF

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ChartViper Trade of the Day

USD/CHF rising toward the key resistance level 0.9246, which was recently identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous reversals from this price level. USD/CHF is expected to continue to rise toward the resistance level 0.9246.

As can be seen from the weekly USD/CHF chart below – the pair earlier reversed up with the weekly Hammer from the combined support area located between the multi-month support level 0.9100 (which has been reversing the price from the middle of 2021) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic add to the probability USD/CHF will continue to rise toward the key resistance level 0.9246.

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