By: Dima Chernovolov
AUD/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and near maximum Clarity (9 bars). AUD/CHF is expected to rise further inside Up Channel – in line with the earlier breakout of the sideways price channel shown below.
As can be seen from the daily AUD/CHF chart below, the price earlier broke the resistance level 0.7680 (which is the upper boundary of the daily sideways price channel inside which the price has been trading from the start of August). The price level 0.7680 is acting as support after it was broken. The proximity of this support level increases the probability AUD/CHF will continue to rise inside this Up Channel.
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