By: Dima Chernovolov
CAD/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist measures the Quality of this Up Channel at the 4-bar level – which reflects the low Initial Trend and Uniformity (both rated at the one bar level) and near-maximum Clarity (9 bars). CAD/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily CAD/CHF chart below, the price earlier broke through the pivotal resistance level 0.7580 (which also reversed the price sharply in March and April) – which accelerated the active price impulse from the start of June. This price level is acting as support after it was broken. The proximity of this support level increases the probability CAD/CHF will continue to rise inside this Up Channel.
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