By: Dima Chernovolov
CAD/CHF continues to rise inside the 30-minute Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), average Uniformity (5 bars) and significant Clarity (8 bars). CAD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the powerful support area shown below.
As can be seen from the weekly CAD/CHF below, the pair previously reversed up with the weekly Japanese candlesticks reversal pattern Bullish Engulfing from the key support zone lying between the long-term support level 0.7210 (which also reversed the price sharply at the start of 2018), support trendline of the weekly down channel from April and the lower weekly Bollinger Band. The proximity of this support area increases the probability CAD/CHF will continue to rise inside this Rising Wedge.
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