By: Dima Chernovolov
GBP/CHF continues to rise in the direction of the 4-hour key resistance level 1.2736 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. GBP/CHF is expected to continue to rise toward the key resistance level 1.2736.
As can be seen from the daily GBP/CHF chart below – the price earlier reversed up from the pivotal support level 1.2580 (which has been reversing the price from February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December. The proximity of this support area increases the probability GBP/CHF will continue to rise toward the key resistance level 1.2736.