GBP/CHF continues to rise after the recent completion of the Falling Wedge chart pattern identified by Autochartist on the 30-minute charts. The overall Quality of this chart pattern is rated at the 6 bar level as a result of the strong Initial Trend (measured at the 9 bar level), below-average Uniformity (3 bars) and higher Clarity (6 bars). The completion of this chart pattern continues the medium-term uptrend visible on the daily and the weekly GBP/CHF charts. More specifically, this chart pattern Breakout continues the preceding sharp upward price impulse (its strength is reflected by the high Initial Trend) from the combined support area made out of the 50% Fibonacci Retracement of the preceding daily upward price thrust from February standing close to the support level 1.4800 (former strong resistance which reversed the pair sharply down at the start of 2012) and the lower weekly Bollinger Band. The pair is expected to rise further toward the Forecast Price 1.5043.
GBP/CHF Trend" title="Dailyfx 1" width="600" height="246">
The weekly GBP/CHF chart below highlights the support levels mentioned above.
GBP/CHF Support Levels" title="Dailyfx 2" width="597" height="521">
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Daily Forex: GBP/CHF
Published 11/01/2012, 12:40 PM
Updated 03/09/2019, 08:30 AM
Daily Forex: GBP/CHF
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