By: Dima Chernovolov
GBP/CHF continues to rise inside the clear daily Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and substantial Clarity (8 bars). GBP/CHF is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support area highlighted below.
As can be seen from the daily GBP/CHF chart below, the price recently reversed up sharply from the support zone located between the pivotal support level 1.2830 (former resistance level from August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from August. The proximity of this support zone adds to the likelihood GBP/CHF will continue to rise inside this chart pattern.
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