Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the 30-minute charts. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the strong Initial Trend (6 bars), below-average Uniformity (4 bars) and higher lower Clarity (8 bars). GBP/CHF is expected to rise further inside chart pattern – in line with active impulse wave which previously broke through the multiple resistance levels shown below.

As can be seen from the daily GBP/CHF chart below, the price earlier reversed broke the resistance level 1.2630 (top of the earlier minor correction from August), 61.8% Fibonacci correction of the downward impulse from last month and the resistance trendline of the daily down channel from. Each of these breakouts strengthened the bullish pressure on this currency pair. The strength of the active daily impulse wave (as indicated by the rising CCI) adds to the likelihood GBP/CHF will continue to rise inside this Rising Wedge.

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