By: Dima Chernovolov
EUR/CHF continues to rise inside the 4-hour Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (2 bars), below-average Uniformity (3 bars) and above-average Clarity (6 bars). EUR/CHF is expected to rise further inside this Up Channel in line with the earlier breakout of the major resistance level shown below.
As can be seen from the daily EUR/CHF chart below, the price recently broke above the powerful resistance level 1.1800 (which has been reversing the price from the middle of January) – which accelerated the active price impulse from the start of February. The price level 1.1800 is acting as support after it was broken. The proximity of this support level increases the probability EUR/CHF will continue to rise inside this Up Channel.
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