Trade of the Day: CAD/CHF
By: Dima Chernovolov
CAD/CHF continues to rise inside the 30-minute Up Channel chart pattern, which was earlier identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the strong Initial Trend (9 bars), medium Uniformity (5 bars) and substantial Clarity (8 bars). CAD/CHF is expected to rise further inside this Up Channel.
As can be seen from the daily CAD/CHF chart below – the price earlier broke the resistance level 0.7650 intersecting with the 50% Fibonacci correction of the earlier sharp downward impulse from the middle of last month. This support level is acting as the support level after it was broken. The proximity of this support level and the clear daily uptrend add to the probability CAD/CHF will continue to rise inside this Up Channel.