By: Dima Chernovolov
AUD/CHF continues to rise after the earlier breakout of the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and strong Clarity (9 bars). AUD/CHF is expected to rise toward the forecast price 0.7707 – in line with the earlier breakout of the resistance area shown below.
As can be seen from the daily AUD/CHF chart below, the price earlier broke through the resistance area located between the resistance level 0.7600 (which stopped the previous impulse wave (i)) and 50% Fibonacci correction of the downward correction from September. This price area is acting a support zone after it was broken. The proximity of this support zone increases the probability AUD/CHF will continue to rise toward the forecast price 0.7707.
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