By: Dima Chernovolov
CAD/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 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and substantial Clarity (9 bars). CAD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily CAD/CHF chart below, the price earlier reversed up from the support zone lying between the key support level 0.7530, 38.2% Fibonacci correction of the previous upward impulse from the start of July and the upper trendline of the recently broken wide daily down channel from December (acting as support after it was broken). The proximity of the support zone increases the probability CAD/CHF will continue to rise inside this Up Channel.
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