By: Dima Chernovolov
EUR/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (one bar) and powerful Uniformity and Clarity (both rated at the 9 bar level). EUR/CHF is expected to rise further inside this Up Channel chart in line with the earlier breakout of the resistance zone shown below.
As can be seen from the daily EUR/CHF chart below, the price earlier broke through the resistance zone lying between the key resistance level 1.1820 (which stopped the sharp daily impulse in January) and the resistance trendline of the daily up channel from last October. This price zone is acting as support area after it was broken. The proximity of this support area increases the probability EUR/CHF will continue to rise inside this Up Channel.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com