Daily Forex Update: GBP/CHF
By: Dima Chernovolov
GBP/CHF continues to rise inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and medium Clarity (5 bars). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the strong resistance level shown below.
As can be seen from the daily GBP/CHF chart below, the price earlier broke through the strong resistance level 1.3330 (which reversed the price twice in November). The last two downward reversals from this resistance level created the 2 daily Japanese candlestick reversal patterns -Evening Star and Bearish Engulfing. The price level 1.3330 is acting as support after it was broken. The proximity of this support level increases the probability GBP/CHF will continue to rise inside this Up Channel.
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