Trade of the Day: GBP/CHF

GBP/CHF recently broke the daily Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the strong Initial Trend (10 bars) , medium Uniformity (5 bars) and strong Clarity (8 bars). GBP/CHF is expected to fall toward the forecast price 1.1173.

As can be seen from the weekly GBP/CHF chart below – the pair earlier reversed down sharply from the upper boundary of the weekly sideways price range inside which it has been moving from last year. The proximity of the lower edge of this price range and the strong weekly downtrend increase the bearish pressure on this currency pair and add to the probability the pair will soon reach the forecast price 1.1173.