Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF recently broke the Descending Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured by Autochartist  at the 5-bar level which is the result of the low Initial Trend (2 bars), above-average Uniformity (6 bars) and lower Clarity (3 bars). The strength of this breakout is rated at the maximum, 10-bar level – which adds to the probability the pair will soon reach the Forecast Price 1.2617.

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As can be seen from the following chart – the lower support trendline of the aforementioned Descending Triangle is also the Key Support level, which was also previously identified by Autochartist on the 4-hour charts. The Significance of this level is rated at the 3-bar level. The breakout of the two coinciding chart patterns adds to the likelihood of further losses for this currency pair.

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