Daily Forex Update: CAD/CHF

By: Dima Chernovolov

CAD/CHF continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the daily charts. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). CAD/CHF is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the strong support area shown below.

As can be seen from the daily CAD/CHF chart below, the pair is currently moving inside the daily upward impulse, which started earlier from the strong support area located between the key support level 0.7720 (which has been reversing the price from the start of September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse wave from June. The proximity of this support zone increases the probability CAD/CHF will continue to rise inside this Rising Wedge.

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