Trade of the Day: GBP/CHF

ChartViper Trade of the Day

GBP/CHF continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the below-average Initial Trend and Uniformity (4 bars) and higher Clarity (6 bars). GBP/CHF is expected to rise further inside this Up Channel .

As can be seen from the daily GBP/JPY chart below – the price earlier reversed up from the support zone located between the strong support level 151.00, lower daily Bollinger Band and the support trendline of the daily down channel from February. The proximity of this support zone adds to the probability GBP/JPY will continue to rise toward the forecast price 153.56.

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