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.
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.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com