Daily Forex Update: EUR/CHF

By: Dima Chernovolov

Autochartist recently identified the Clear Ascending Triangle chart pattern on the hourly charts. Autochartist rates the Quality of this Ascending Triangle at the 4 bar level – which is the result of the slow Initial Trend and Uniformity (both rated at the 2 bar level) and near-maximum Clarity (8 bars). EUR/CHF is expected to rise inside this Ascending Triangle – continuing the earlier upward reversal from support area described below.

As can be seen from the daily EUR/CHF chart below, the bottom of this Ascending Triangle formed when the pair reversed up from the support zone lying between the support level 1.0870 (former resistance level from April) and 38.2% Fibonacci correction of the upward impulse from the middle of April. The proximity of this support area increases the probability EUR/CHF will continue to rise inside this Ascending Triangle.

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