Trade of the Day: USD/CHF

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ChartViper Trade of the Day

USD/CHF recently broke the key 15-minute resistance level 0.9236, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 6-bar level – which is the result of the six previous reversals from this price level. USD/CHF is expected to rise toward the forecast price 0.9273.

As can be seen from the weekly USD/CHF chart below – the pair earlier reversed up from the long-term support level 0.9100 (which has been reversing the price from the middle of 2021). The proximity of this support level and the oversold reading on the weekly Stochastic indicator add to the probability USD/CHF will continue to rise toward the forecast price 0.9273.

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