Daily Forex Update: CAD/CHF

By: Dima Chernovolov

CAD/CHF continues to fall inside the Clear Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the 7 bar level – which reflects the average Initial Trend (5 bars), higher Uniformity (7 bars) and near-maximum Clarity (9 bars). Higher Uniformity and Clarity reflect higher visibility of this chart pattern to the market participants.

As you can see from daily CAD/CHF chart below, the top of this Up Channel formed earlier – when the pair reversed down from the pivotal resistance level 0.7700, which also previously reversed the price sharply in November. The proximity of the strong resistance level 0.7700 adds to the probability the pair will continue to fall inside this Up Channel in the coming trading sessions.

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