Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (7 bars) and higher Uniformity (8 bars). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the key round resistance level shown below.

As can be seen from the daily GBP/CHF below, the pair recently broke through the key round resistance level 1.3000. The breakout of this resistance level follows the earlier breakout of the resistance level 1.2900 (which stopped the price earlier this month). Both of these price levels are acting as strong supports after they were broken. The proximity of these support levels increases the probability daily GBP/CHF will continue to rise inside this Up Channel

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