By: Dima Chernovolov
GBP/CHF continues to rise inside the clear daily Up Channel chart pattern which was recently 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 (3 bars), below-average Uniformity (4 bars) and high Clarity (9 bars). GBP/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone highlighted below.
As can be seen from the daily GBP/CHF chart below, the pair recently reversed up from the support area located between the pivotal support level 1.3050 (which also reversed the price at the end of October), 50% Fibonacci correction of the previous upward price impulse from last month and the support trendline of the longer-term Rising Wedge from July. The proximity of this support area adds to the probability GBP/CHF will continue to rise inside this Up Channel.
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