Autochartist has recently identified the Ascending Triangle chart pattern on the daily CAD/CHF charts. The overall Quality of this chart pattern is rated at the 4 bar level as a result of the low Initial Trend (rated at the 2 bar level), below-average Uniformity (5 bars) and stronger Clarity (6 bars). This chart pattern continues the preceding sharp monthly upward price impulse from the major long-term support at the round price level 0.8000. Both of the connecting points of the upper resistance trendline of this chart pattern (points A and B on the chart below) formed when the pair reversed down from the strong resistance at 0.9405 (which had been reversing the pair down over the last few months, as can be seen on the second chart below). The pair is expected to rise further toward the upper resistance trendline of this Ascending Triangle.
As is shown on the following Key Levels chart, Autochartist has recently identified the horizontal resistance level 0.9405 of the type Approach (with Significance rated at the 4 bar level) on the daily CAD/CHF charts. The pair is expected to rise toward this resistance level – which also confirms the bullish forecast for the above Ascending Triangle.
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Daily Forex Update: CAD/CHF
Published 05/25/2012, 06:58 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/CHF
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