Trade of the Day: USD/CHF

ChartViper Trade of the Day

USD/CHF recently broke the key resistance level 0.9620, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. USD/CHF is expected to continue to rise toward the forecast price 0.9682

As can be seen from the weekly USD/CHF chart below – the price earlier reversed up from the key support area located between the support level 0.9545 (monthly low from May), 20-week moving average and the 61.8% Fibonacci correction of the weekly upward impulse from the start of this year. The proximity of this support area and the clear weekly uptrend add to the probability USD/CHF will continue to rise toward the forecast price 0.9682.

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