By: Dima Chernovolov
CAD/CHF continues to rise inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (3 bars), average Uniformity (5 bars) and higher Clarity (7 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, price earlier broke the support the key resistance level 0.7700 (which reversed the previous sharp upward impulse wave earlier this month). This price level is acting as strong support level after it was broken. The proximity of this support level and the strength of the active daily impulse wave both add to the likelihood CAD/CHF will continue to rise inside this Up Channel.
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