By: Dima Chernovolov
CAD/CHF continues to rise inside the 15-minute Up Channel chart pattern which was previously 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 (2 bars), above-average Clarity (6 bars) and higher Uniformity (6 bars). CAD/CHF is expected to rise further inside this Up Channel.
As can be seen from the daily CAD/CHF chart below – the pair earlier reversed up with the daily Bullish Engulfing from the support area located between the key support level 0.7370, lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from April. The proximity of this support area increases the probability daily CAD/CHF will continue to rise inside this Up Channel.