Trade of the Day: GBP/CHF
By: Dima Chernovolov
GBP/CHF continues to rise inside the hourly Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the significant Initial Trend (6 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). GBP/CHF is expected to rise further inside this Up Channel.
As can be seen from the daily GBP/CHF chart below – the pair earlier reversed up from the strong support zone located between the key support level 1.1100 (which has been reversing the pair from the middle of November), lower Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse from the end of last year. The proximity of this support area adds to the probability GBP/CHF will continue to rise further inside this Up Channel.