Daily Forex Update: CAD/CHF

By: Dima Chernovolov

CAD/CHF continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist measures the Quality of this Up Channel at the 4-bar level – which reflects the low Initial Trend and Uniformity (both rated at the one bar level) and near-maximum Clarity (9 bars). CAD/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.  

cadchf, forex trading for beginners

Forex, cadchf

As can be seen from the daily CAD/CHF chart below, the price earlier broke through the pivotal resistance level 0.7580 (which also reversed the price sharply in March and April) – which accelerated the active price impulse from the start of June. This price level is acting as support after it was broken. The proximity of this support level increases the probability CAD/CHF will continue to rise inside this Up Channel.

17072017dailyfximage2

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

0 Likes
617 Views

You may also like

Leave A Comment

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

Sign-up






* = Required Field