Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (6 bars) and high Clarity (9 bars). GBP/CHF is expected to rise further inside this Rising Wedge in line with the earlier breakout of the resistance zone shown below.

As can be seen from the daily GBP/CHF chart below, the price recently broke through the resistance zone lying between the resistance level 1.3450 (which has been reversing the price from the start of December) and the resistance trendline of the wide daily up channel from last October. This price zone is acting as support area it was broken. The proximity of this support area increases the probability GBP/CHF will continue to rise inside this Rising Wedge.

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