By: Dima Chernovolov
Autochartist recently identified the breakout of the extended Ascending Triangle on the hourly USD/CHF charts. Autochartist measures the length of this chart pattern at the 209 candles. The overall Quality of this Ascending Triangle is measured at the 5 bar level – which is the result of the low Initial Trend (one bar), above-average Uniformity (6 bars) and higher Clarity (8 bars). The pair is expected to rise to the Forecast Price 0.9817 in the coming trading sessions.
The bottom of this Ascending Triangle formed earlier – when the price reversed up from the support zone lying between the pivotal support level 0.9500 (which has been reversing the price from October) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer. The proximity of the strong support level 0.9500 adds to the probability the pair will continue to rise toward the Forecast Price 0.9817.
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