By: Dima Chernovolov
GBP/CHF continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and lower Clarity (4 bars). GBP/CHF is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support area show below.
As can be seen from the daily GBP/CHF chart below – the price earlier reversed up from the support area located between the key support level 1.2800 (which also reversed the price at the start of March) and the 50% Fibonacci correction of the previous upward impulse from February. The proximity of this area zone and the strong daily uptrend increase the probability GBP/CHF will continue to rise inside this Rising Wedge.