By: Dima Chernovolov
GBP/CHF recently broke the hourly Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which is the result of the strong Initial Trend (7 bars) and low Uniformity and Clarity (rated at the 2 and 3 bar levels respectively). GBP/CHF is expected to rise toward the forecast price 1.3696 – 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 located between the support trendline of the daily up channel from March and the 38.2% Fibonacci correction of the sharp upward impulse from the start of April. The strength of the daily uptrend and the proximity of this support area increase the probability GBP/CHF will continue to rise toward the forecast price 1.3696.
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