Forex Go!

USD/CHF is continuing the prevailing downtrend inside the Falling Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is measured at  5 bars which is as a result of the low Initial Trend reading 1 bar, the above average Uniformity reading of 6 bars, as well as the Clarity reading at 10 bars. The low Initial Trend value corresponds to the range bound price action that accompanied three successive unsuccessful attempts of the price to break through the support level at 1.0500 (former resistance). The high Clarity reflects the strength of the bearish pressure on the pair that has been affecting it during the formation of this chart pattern (last 275 days). The pair is expected to continue falling in the coming sessions.

The 240-minute USD\/CHF chart shows a Flag chart pattern which has just been completed. The Initial Trend reading of 10 bars reflects the sharpness of the preceding correction to the prevailing downtrend which started at the support level 0.9300. The pair is expected to fall toward the Forecast Area plotted between 0.9299 and 0.9331. The lower border of the Forecast Area coincides with the abovementioned support level at 0.9300. Expect strong support at this level.

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