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Daily Forex Update: GBP/CHF

By: Dima Chernovolov

GBP/CHF continues to rise after the earlier breakout of the 4-hour Triangle chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 8-bar level – which is the result of the slow Initial Trend (4 bars), maximum Uniformity (10 bars) and strong Clarity (9 bars). GBP/CHF is expected to continue to rise toward the forecast price 1.3252.

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As can be seen from the daily GBP/CHF chart below, the price earlier reversed up from the support area lying between the pivotal support level 1.3150 (former key resistance from November), lower daily Bollinger Band, 50-day moving average and the support trendline of the daily up channel from September. The proximity of this support area increases the probability GBP/CHF will continue to rise toward the forecast price 1.3252.

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