By: Dima Chernovolov
GBP/CHF continues to rise inside the well-formed 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 (one bar) and strong Uniformity and Clarity (both rated at 7-bar level). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily GBP/CHF chart below, price earlier reversed up from the support area located between the strong support level 1.34905 (former major resistance from December and January), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March . The proximity of support area increases the probability GBP/CHF will continue to rise inside this Up Channel.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com