Trade of the Day: GBP/CHF
By: Dima Chernovolov
GBP/CHF recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars), and lower Clarity (4 bars). GBP/CHF is expected to fall toward the forecast price 1.2337.
As can be seen from the daily GBP/CHF chart below – the price earlier reversed down from the resistance zone located between the key resistance level 1.2420 (which has been reversing the pair from the middle of March) and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability GBP/CHF will continue to fall toward the forecast price 1.2337.