USD/CHF is continuing the prevailing down-trend inside the Falling Wedge chart pattern identified by Autochartist on the daily chart. Autochartist rates the Quality of this chart pattern at the 5 bar level, which reflects the values of all the quality indicators that contribute to its value: low Initial Trend and Uniformity values (3 and 4 bars correspondingly) and significant Clarity (8 bars) value. Low Initial Trend value corresponds to the preceding sideways price movement that followed the reversal of the previous downward price impulse from the strong support level at 0.9500. Near maximum Clarity of this Falling Wedge indicates higher agreement among the market participants about the direction of this currency pair. The price recently reversed from the upper resistance line of this chart pattern which is also close to the 61,8 % Fibonacci Retracement of the previous sharp down thrust that spans almost all of the length of the pattern and the long-term down trend line (starting from the 1st of July of this year).
The 240-minute USD/CHF chart also shows high clarity Falling Wedge chart pattern identified by Autochartist. The Clarity of this chart pattern is rated at the 8 bar level. The lower support line stands close to the combined support area made out of two support levels: 38,2% Fibonacci Retracement of the preceding down impulse (at 0.9590) and the round price level 0.9600 - both of these levels should be cleared for the down movement to continue.
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