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.

22122017dailyfximage1

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.

22122017dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

1 Likes
974 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up





I accept the Privacy policy, Disclaimer and Conditions of this service

* = Required Field