GBP/CHF continues to advance inside the high Quality Down Channel chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the sharp Initial Trend (9 bars), significant Uniformity (7 bars) and high Clarity (9 bars).
This chart pattern is developing in line with the medium-term uptrend visible on the daily GBP/CHF charts. The bottom of this Down Channel (point D on the chart below) formed when the pair reversed up from the strong support level 1.4700, which had reversed the pair up in June (former strong resistance which had reversed the pair sharply down in the end of 2011 and at the start of 2012). GBP/CHF is set to rise further toward the upper resistance trend line of this Down Channel.
GBP/CHF" title="GBP/CHF" width="600" height="250">
The weekly GBP/CHF chart below shows the previous price action close to the support 1.4700: