Daily Forex Update: EUR/CHF
AutoChartist | Feb 23, 2017 04:53AM ET
EUR/CHF continues to rise after the earlier breakout of the ascending triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the quality of this ascending triangle at the 6 bar level, which reflects to the slow initial trend (2 bars), below-average uniformity (4 bars) and substantial clarity (8 bars). Autochartist rates the strength of this breakout at the maximum, 10-bar level, which adds to the probability the pair will soon reach the forecast price 1.0684.
As you can see from the daily EUR/CHF chart below, the bottom of this ascending triangle formed when the pair reversed up from the support area lying between the strong support level 1.0620, 38.2% Fibonacci correction of the previous upward impulse from 2015 and the lower weekly Bollinger Band. The strength of this support area and the oversold reading on the weekly Stochastic increase the probability EUR/CHF will continue to rise toward the forecast price 1.0684 tomorrow.
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