By: Dima Chernovolov
NZD/CHF continues to rise inside the 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (3 bars), average Uniformity (5 bars) and higher Clarity (b8 bars). NZD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/CHF chart below, the last connecting pivot of the lower trendline of this Up Channel formed near the support area located between the pivotal support level 0.6490 (former resistance from September) and the 38.2% Fibonacci correction of the previous upward impulse from the middle of September. The proximity of this support area increases the probability NZD/CHF will continue to rise inside this Up Channel
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