Daily Forex Update: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to rise inside the 4-hour Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the average Initial Trend (5 bars), strong Uniformity (8 bars) and lower Uniformity (4 bars). EUR/CHF is expected to rise further inside this Ascending Triangle – in line with the earlier breakout of the daily down channel shown below.
As can be seen from the daily EUR/CHF below, the pair recently broke the resistance trendline of the down channel from October. The breakout of this down channel accelerated the active impulse wave – which started previously from the key support level 1.1180 (multi-month low from September). The strength of the active daily impulse wave increases the probability EUR/CHF will continue to rise inside this Ascending Triangle.
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