Daily Forex Update: GBP/CHF

Published 11/22/2011, 05:36 AM
Updated 03/09/2019, 08:30 AM
GBP/CHF
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GUID
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GBP/CHF is moving inside the well-formed Up Channel chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the lower Initial Trend (rated at the 3 bar level), and near maximum Uniformity and Clarity (rated at the 8 bar and 9 bar level respectively). This chart pattern continues the prevailing downtrend that can be seen on the daily, weekly and the monthly GBP/CHF charts. The top of this Up Channel (point B on the chart below) formed when the pair reversed down from the strong resistance at 1.4500, coinciding with the upper resistance trendline of this chart pattern. The pair is expected to fall further in the nearest time.

20111122dailyfx1

As can be seen from the following PowerStats chart, all of the daily Expected Price Range for GBP/CHF for tomorrow (from 1.4600 to 1.4079) stands below the projected value of the upper resistance trendline of this Up Channel, which increases the probability that this currency pair will continue to decline tomorrow.


20111122dailyfx2

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