Trade of the Day: GBP/CHF

GBP/CHF recently broke the 30-minute resistance level 1.1169, which was earlier identified by Autochartist. Autochartist rates the Significance of this resistance at the 5-bar level – which is the result of the 5 previous reversals from this price level. GBP/CHF is expected to rise toward the forecast price 1.1197.

As can be seen from the daily GBP/CHF chart below – the pair earlier reversed up from the support area located between the strong support level 1.11000 (which has been reversing the pair from November), 38.2% Fibonacci correction of the previous upward impulse from September and the lower daily Bollinger Band. The proximity of this support area adds to the probability GBP/CHF will continue to rise toward the forecast price 1.1197.