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 0.8852, which was recently identified by Autochartist. Autochartist rates the quality 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 fall further toward the key support level 0.8852

As can be seen from the daily USD/CHF chart below – the pair earlier reversed down from the resistance zone located between the round resistance level 0.9000 (which has been reversing the price from the start of April), 20-day moving average and the 38.2% Fibonacci correction of the downward impulse from March. The proximity of this resistance zone and the clear daily downtrend increase the probability USD/CHF will continue to fall toward the key support level 0.8852.

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