Forex Update Autochartist Feb 18 2013
Technical USD/CHF to rise to 0.9391 in 5 trading days
As you can see from this trade opportunity alert that I received recently through Autochartist's email subscription, USD/CHF is set to reach the target level 0.9391 in the following 5 trading days. The target level for this forecast (point B) is the previous reversal point of the upper trendline of the Down Channel identified earlier by Autochartist on the daily charts (which is still being formed). The stop level is set at 0.90215, which is the last reversal point of the lower trendline of the aforementioned Down Channel – all of which is shown on the second chart below.
The daily USD/CHF chart below displays the daily Down Channel on which the above trade opportunity alert is based. The Uniformity and Clarity are both rated at the above-average 6 bar level – which indicates higher visibility of this chart pattern to the forex traders. The higher visibility of this Down Channel increases the probability that USD/CHF will rise to the target level 0.9391 in 5 days.
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