By: Dima Chernovolov

This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.

 

GBP/CHF continues to rise after the recent breakout of the 4-hour Triangle chart pattern identified by Autochartist, as is shown on the following trade opportunity alert for this currency pair. The breakout of this Triangle continues the preceding sharp daily upward price impulse from the round support level 1.4000. This Triangle breakout coincided with the breakout of the upper resistance trendline of the daily Down Channel which enclosed the preceding correction to the aforementioned upward impulse from 1.4000. The pair recently reversed up from the Fibonacci Cluster (highlighted in green on the second chart below) made out of the 61.8% and 50.0% Fibonacci Retracements of the preceding upward impulses – which adds to the likelihood the pair will reach the target level 1.4554 in the next 22 hours.

20130704dailyfximage1

The following daily GBP/CHF chart highlights the aforementioned technical price levels:

20130704dailyfximage2

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