By: Dima Chernovolov
GBP/CHF recently broke the 30-minute 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 slower Initial Trend (4 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). GBP/CHF is expected to continue to rise toward the forecast price 1.2190.
As can be seen from the daily GBP/CHF chart below – the price earlier reversed up from the support zone located between the support levels 1.2115 and 1.2080 (which has been steadily reversing the pair from the start of March) – strengthened by the lower daily Bollinger Band. The proximity of this support zone increases the probability GBP/CHF will continue to rise toward the forecast price 1.2190.