Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and strong Clarity (9 bars). AUD/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 AUD/CHF chart below – the price earlier reversed up with the daily Bullish Engulfing from the support area located between the round support level 0.7000 and the 38.2% Fibonacci correction of the upward impulse from December. The proximity of this support area adds to the probability AUD/CHF will continue to rise inside this Up Channel.