Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to fall inside the daily Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this Triangle at the 6 bar level – which is the result of the above-average Initial Trend (6 bars), substantial Uniformity (8 bars) and average Clarity (5 bars). GBP/CHF is expected to fall toward the lower support trendline of this Triangle – which is also confirmed by the next chart pattern setup shown below.

As you can see from the following chart, the pair also today broke the high-Quality Up Channel chart pattern, which was also previously identified by Autochartist on the 4-hour GBP/CHF charts. Autochartist rates the strength of this breakout at the maximum, 10-bar level. Two different-type and different-time-scale chart patterns pointing in one direction increase the possibility GBP/CHF will continue to fall tomorrow.

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