Autochartist recently identified the Up Channel chart pattern on the 4-hour GBP/CHF charts – as can be seen from the following trade opportunity alert that I received today for this pair. The price is set to reach the target level 1.4581 in the next 2 trading days. Autochartist set the stop-level for this forecast at 1.4821 (point B, the top of this Up Channel). This point formed recently when GBP/CHF failed to break up above the strong resistance area made out of the weekly resistance trendline from May of 2010, the 50% Fibonacci Retracement of the previous downward price thrust from June of 2012 as well as the pivotal resistance level 1.4800 (as you can see on the second chart below).
GBP/CHF - 1" title="GBP/CHF - 1" width="610" height="384">
The following weekly GBP/CHF chart highlights the resistance levels which helped create the top of this Up Channel:
GBP/CHF - 2" title="GBP/CHF - 2" width="600" height="732">
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Daily Forex Update: GBP/CHF
Published 05/17/2013, 07:01 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CHF
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