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Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to rise inside the hourly Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 3-bar level – which is the result of the slow Initial Trend (3 bars), low Uniformity (2 bars) and average Clarity (5 bars). GBP/CHF is expected to rise further inside this Triangle – in line with the earlier upward reversal from the support zone shown below.

09022018dailyfximage1

As can be seen from the daily GBP/CHF chart below, the price earlier reversed up from the support lying between the key support level 1.30000 (which has been reversing the price from November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from August. The proximity of this support area increases the probability GBP/CHF will continue to rise inside this Triangle.

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