Trade of the Day: USD/CHF

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ChartViper Trade of the Day

USD/CHF continues to fall toward the key support level 0.9306, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level. USD/CHF is expected to soon reach the support level 0.9306.

As can be seen from the daily USD/CHF chart below – the price earlier reversed down from the resistance zone between the key resistance level 0.9400 (previous monthly high from January), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from the middle of November. The proximity of this resistance area and the overbought daily Stochastic indicator increase the probability USD/CHF will continue to fall toward the key support level 0.9306.

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