Daily Forex Update: CAD/CHF

By: Dima Chernovolov

CAD/CHF recently broke the Falling Wedge chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Falling Wedge at the 8 bar level – which is the result of the average Initial Trend (5 bars) and substantial Uniformity and Clarity (both rated at the 9 bar level). Autochartist measures the strength of this breakout at the maximum, 10-bar level – which adds to the likelihood CAD/CHF will soon reach the forecast price 0.7321.

As you can see from the daily CAD/CHF chart below, the bottom of this Rising Wedge formed inside the strong support zone located between the major support level 0.7120 (which reversed the price sharply in last November) and the lower daily Bollinger Band.  The proximity of this support zone increases the probability CAD/CHF will continue to rise toward the forecast price 0.7321.

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