GBP/CHF Technicals: 02_09_18
AutoChartist | Feb 09, 2018 05:04AM ET
GBP/CHF continues to rise inside the hourly Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which is the result of the slow Initial Trend (3 bars), low Uniformity (2 bars) and average Clarity (5 bars). GBP/CHF is expected to rise further inside this Triangle – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily GBP/CHF chart below, the price earlier reversed up from the support lying between the key support level 1.30000 (which has been reversing the price from November), lower daily Bollinger® Band and the 38.2% Fibonacci correction of the previous upward impulse from August. The proximity of this support area increases the probability GBP/CHF will continue to rise inside this Triangle.
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