By: Dima Chernovolov
EUR/CHF continues to rise inside the Up Channel chart patten which was recently identified by Autochartist on the hourly charts. Autochartist measures the Quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (3 bars), below-average Uniformity (4 bars) and higher Clarity (6 bars). EUR/CHF is expected to continue to rise inside this Up Channel – in line with the sharp daily upward impulse which started earlier from the support area shown below.
As can be seen from the daily EUR/CHF chart below, the price earlier broke the resistance level 1.0900 (which reversed the previous upward correction in the middle of June). The breakout of this resistance level accelerated the active impulse wave which started earlier from the support zone lying between the support level 1.0830, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from April. The sharpness of the active daily impulse wave adds to the probability EUR/CHF will continue to rise inside this Up Channel.
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