Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to fall after the earlier breakout of the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the above-average Initial Trend and Uniformity (both rated at the 6 bar level) and medium Clarity (5 bars). GBP/CHF is expected to fall toward the forecast price 1.3318 – in line with the earlier downward reversal from the resistance area shown below.

As can be seen from the daily GBP/CHF chart below, the price earlier reversed down with the daily Bearish Engulfing from the resistance area lying between the multi-month resistance level 1.3450 (which has been reversing the pair from December) and the upper daily Bollinger Band. The proximity of this resistance area and the overbought Stochastic increase the probability GBP/CHF will continue to fall toward the forecast price 1.3318.

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