Trade of the Day: USD/CHF

ChartViper Trade of the Day

USD/CHF continues to fall inside the hourly Falling Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (9 bars) and lower Clarity (4 bars). USD/CHF is expected to fall further inside this Falling Wedge.

As can be seen from the weekly USD/CHF chart below – the pair previously reversed down from the powerful resistance area set between the long-term resistance level 0.9340 which has been reversing the price from 2021, 50% Fibonacci correction of the downward impulse from 2020 and the upper weekly Bollinger Band. The proximity of this resistance area adds to the probability USD/CHF will continue to fall inside this Falling Wedge.

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