Trade of the Day: CAD/CHF
By: Dima Chernovolov
CAD/CHF continues to rise inside the hourly Up Channel chart pattern, which was previously identified by Autochartist. Autochartist measures the quality of this Up Channel at the 6-bar level – which is the result of the lower Initial Trend (3 bars), significant Uniformity (7 bars) and higher 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 through the resistance level 0.7470 (upper border of the narrow sideways price range from the end of June). The breakout of this resistance level (acting now as the support after it was broken) continues the uptrend that can be seen on the daily charts. CAD/CHF can be expected to rise further inside this Up Channel.