Daily Forex Update: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to rise inside the hourly Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and significant Uniformity (7 bars). EUR/CHF is expected to rise further inside this Rising Wedge – in line with the earlier breakout of the key resistance area shown below.
As can be seen from the daily EUR/CHF below, the pair recently broke through the combined resistance area lying between the strong resistance level 1.1340 (which has been reversing the price from the end of November) and the resistance trendline of the daily down channel from October. The proximity of this support area increases the probability EUR/CHF will continue to rise inside this Rising Wedge.
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