Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise inside the clear 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (5 bars) and significant Clarity (7 bars). AUD/CHF is expected to rise further inside this Up Channel .

As can be seen from the daily AUD/CHF chart below – the price earlier reversed up from the support area located between the key support level 0.6900 (which former strong resistance from October), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from February. The proximity of this support area adds to the probability AUD/CHF will continue to rise inside this Up Channel .