By: Dima Chernovolov
GBP/CHF continues to rise toward the key resistance level 1.2625 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four previous price reversals from this price level. GBP/CHF is expected to continue to rise toward the resistance level 1.2625.
As can be seen from the weekly GBP/CHF chart below – the pair earlier reversed up from the powerful support zone lying between the key support level 1.260 and the lower weekly Bollinger Band. The proximity of this support area and the clear weekly uptrend increase the probability GBP/CHF will continue to rise toward the forecast price 1.2625.