By: Dima Chernovolov
CAD/CHF recently broke the hourly Double Top chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Double Top chart at the 7-bar level – which is the result of the average Initial Trend (5 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). CAD/CHF is expected to fall further toward the forecast price 0.7522.
As can be seen from the daily CAD/CHF below, the top of this chart pattern formed near the resistance area lying between the resistance level 1.8500 and the upper daily Bollinger Band. The proximity of this resistance area increases the probability CAD/CHF will continue to fall toward the forecast price 0.7522.