By: Dima Chernovolov

GBP/CHF continues to rise inside the well-formed 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar) and strong Uniformity and Clarity (both rated at 7-bar level). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.

08052018dailyfximage1

As can be seen from the daily GBP/CHF chart below, price earlier reversed up from the support area located between the strong support level 1.34905 (former major resistance from December and January), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March . The proximity of support area increases the probability GBP/CHF will continue to rise inside this Up Channel.

08052018dailyfximage2

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