Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to move inside the 30-minute Up Channel chart pattern which was 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 (4 bars), average Uniformity (5 bars) and higher Clarity (8 bars). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily GBP/CHF chart below, the price earlier reversed up from the support zone lying between the key support level 1.3000 (which has been reversing the price from last November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from August.  The proximity of this support area increases the probability GBP/CHF will continue to rise inside this Up Channel.

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