Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and near-maximum Clarity (9 bars). AUD/CHF is expected to continue to rise inside this Up Channel – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily AUD/CHF chart below, the price earlier reversed up from the support area lying between the pivotal support level 0.7600, lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from July. The upward reversal form this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. The proximity of this support zone adds to the likelihood AUD/CHF will continue to rise inside this Up Channel.

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