Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/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 6-bar level – which is the result of the slow Initial Trend (4 bars), significant Uniformity (7 bars) and high Clarity (8 bars). GBP/CHF is expected to fall further inside this chart pattern – in line with the earlier breakout of the support area shown below.

As can be seen from the daily GBP/CHF chart below, the price today broke through the support area lying between the key support level 1.3050 (which stopped the price in May and June) and the support trendline from March. This price area is acting as resistance zone after it was broken. The proximity of this resistance zone increases the probability GBP/CHF will continue to fall inside this Falling Wedge.

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