By: Dima Chernovolov
USD/CHF continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 9-bar level – which is the result of the significant Initial Trend (7 bars), strong Uniformity (8 bars) and near-maximum Clarity (10 bars). USD/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the multiple resistance levels shown below.
As can be seen from the daily USD/CHF chart below – the price has been rising sharply in the last few trading sessions – breaking through the three consecutive resistance levels: 0.9050, 0.9100 and 0.9150. These levels are acting as the support after they were broken. The proximity of these resistance levels and the strength of the active upward impulse wave from February increase the probability USD/CHF will continue to rise inside this Up Channel.