By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
Autochartist recently identified the Up Channel chart pattern on the 4-hour GBP/CHF charts – as can be seen from the following trade opportunity alert that I received today for this pair. The price is set to reach the target level 1.4581 in the next 2 trading days. Autochartist set the stop-level for this forecast at 1.4821 (point B, the top of this Up Channel). This point formed recently when GBP/CHF failed to break up above the strong resistance area made out of the weekly resistance trendline from May of 2010, the 50% Fibonacci Retracement of the previous downward price thrust from June of 2012 as well as the pivotal resistance level 1.4800 (as you can see on the second chart below).
The following weekly GBP/CHF chart highlights the resistance levels which helped create the top of this Up Channel:
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