Daily Forex Update: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to rise inside the clear hourly Up Channel chart pattern which previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). EUR/CHF expected to continue to rise inside this Up Channel – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily EUR/CHF chart below, the price recently reversed up from the support area lying between the key support level 1.1700 (former resistance from December) and the 50% Fibonacci correction of the previous sharp upward impulse from last month. The proximity of this support area increases the probability EUR/CHF will continue to rise inside this Up Channel.

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