Autochartist has recently identified the Down Channel chart pattern on the daily GBP/CHF charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the maximum Initial Trend (measured at the 10 bar level) and the average Uniformity and Clarity (both rated at the 5 bar level). This chart pattern continues the strong medium-term uptrend from August of 2011 visible on the daily GBP/CHF charts. More specifically this Down Channel follows the preceding sharp upward price impulse from February of this year (whose strength is reflected by the maximum Initial Trend value).
The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the strong support area made out of the round price level 1.5000 (former strong resistance broken by the recent upward price thrust) as well as the 38,2% Fibonacci Retracement of the aforementioned upward price impulse from February. The pair is expected to rise further toward the upper resistance trendline of this Down Channel.
The daily GBP/CHF chart below shows the support levels mentioned above.
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GBP/CHF In Down Channel
Published 09/24/2012, 05:44 AM
Updated 03/09/2019, 08:30 AM
GBP/CHF In Down Channel
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