Daily Forex Update: GBP/CHF

By: Dima Chernovolov

Autochartist recently identified the breakout of the Uniform Triangle chart pattern on the 15-minute GBP/CHF charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level, which reflects the strong Initial Trend (measured at the maximum 10 bar level), significant Uniformity and Clarity (measured at the 8-bar and 7 bar levels respectively). High Initial Trend reflects the strength of the preceding downward impulse from the middle of June. The pair is likely to fall to the Forecast Price 1.2529.

As can be seen from the daily GBP/CHF chart below – the breakout of this Triangle is aligned with the active sharp downward impulse wave 3, which is a part of the extended intermediate downward impulse sequence from the end of last year. The strength of the downtrend affecting this currency pair heightens the probability GBP/CHF will soon reach the Forecast Price 1.2529.

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