By: Dima Chernovolov
AUD/CHF continues to fall after the earlier downward reversal from the upper resistance trendline of the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist measures the Quality of this chart pattern at the 8 bar level – which reflects the strong Initial Trend (8 bars), significant Uniformity (7 bars) and maximum Clarity (10 bars). High Clarity reflects the sharpness of the price impulses between the upper and lower trendlines of this Up Channel.
As can be seen from the daily AUD/CHF chart below, the top of this Up Channel formed when the pair reversed down from the powerful resistance area lying between the long-term resistance level 0.7740 (which also reversed the previous sharp upward correction in March of 2015), upper weekly Bollinger Band and the 61.8% Fibonacci correction level of the earlier downward impulse from January. The proximity of this resistance zone adds to the likelihood AUD/CHF will continue to fall inside this Up Channel tomorrow.
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