CAD/CHF today broke the 30-minute Inverse Head and Shoulders chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Head and Shoulders at the 4-bar level – which is the result of the strong Initial Trend (8 bars ), lower Uniformity and Clarity (3 and 1 bars). CAD/CHF is expected to rise toward the forecast price 0.7460.
As can be seen from the daily CAD/CHF chart below – the price earlier reversed up from the pivotal support level 0.7365 (which has been reversing the price from March), standing next to the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from last December. The proximity of this support level adds to the probability CAD/CHF will continue to rise toward the forecast level 0.7460.
Want to get full Autochartist Access including the Autochartist Market Scanner, email reports,Mobile App, and the full Autochartist Web App?
Subscribe here: ChartViper Subscriptions