Daily Forex Update: GBP/CHF
AutoChartist | May 08, 2018 04:34AM ET
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.
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.
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