By: Dima Chernovolov

AUD/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), strong Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/CHF is expected to rise further inside this Up Channel chart in line with the earlier breakout of the resistance area highlighted below.

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As can be seen from the daily AUD/CHF chart below, the price earlier broke through the resistance area located between the resistance level 0.7480 (monthly high from March) and the 50% Fibonacci correction of the downward impulse from January. This price zone is acting as support area after it was broken. The proximity of this support zone increases the probability AUD/CHF will continue to rise inside this Up Channel.

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