Daily Forex Update: CAD/CHF

 | Nov 18, 2011 04:32AM ET

CAD/CHF has recently completed the Rising Wedge chart pattern identified by Autochartist on the 30-minute charts. The overall Quality of this chart pattern is measured at the 7 bar level, as a result of the above-average Initial Trend (rated at the 6 bar level) and near maximum Uniformity and Clarity (both rated at the 8 bar level). This chart pattern develops in line with the prevailing downtrend that can be seen on the daily and the weekly CAD/CHF charts. The top of this chart pattern (point E on the chart below) formed when the pair reversed down from the major resistance 0.9000. This downward reversal led to the Breakout (whose strength is measured at the 9 bar level) of the lower support trendline. The pair is expected to continue downward movement in the direction of the Forecast Area set between price levels 0.8822 and 0.8905.