GBP/CHF today broke the Descending Triangle chart pattern identified by Autochartist on the 4-hour charts – as you can see from the following trade opportunity alert for this currency pair. GBP/CHF is expected to fall to the target level 1.4178 in 15 hours. The stop-loss for this forecast is set by Autochartist at 1.4372 (point A, the last connecting point of the upper resistance trendline of this chart pattern). The breakout of this Descending Triangle continues the proceeding strong daily downward price impulse – which recently broke down through the support trendline of the clear ABC correction (labeled in Red on the second chart below) to the earlier longer-term daily downward price impulse from June of 2012. The downward-sloping moving average confirms this forecast.
GBP/CHF 1" width="600" height="369">
The following daily GBP/CHF chart shows the longer-term picture of this pair’s movement:
GBP/CHF 2" width="600" height="698">
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Daily Forex Update: GBP/CHF
Published 07/17/2013, 05:42 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CHF
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