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Daily Forex Update: GBP/CHF

By AutoChartistForexSep 13, 2017 06:00AM ET
www.investing.com/analysis/daily-forex-update-gbpchf-200212987
Daily Forex Update: GBP/CHF
By AutoChartist   |  Sep 13, 2017 06:00AM ET
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GBP/CHF continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the 30-minute charts. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the strong Initial Trend (6 bars), below-average Uniformity (4 bars) and higher lower Clarity (8 bars). GBP/CHF is expected to rise further inside chart pattern – in line with active impulse wave which previously broke through the multiple resistance levels shown below.

GBPCHF 40 Candles
GBPCHF 40 Candles

As can be seen from the daily GBP/CHF chart below, the price earlier reversed broke the resistance level 1.2630 (top of the earlier minor correction from August), 61.8% Fibonacci correction of the downward impulse from last month and the resistance trendline of the daily down channel from. Each of these breakouts strengthened the bullish pressure on this currency pair. The strength of the active daily impulse wave (as indicated by the rising CCI) adds to the likelihood GBP/CHF will continue to rise inside this Rising Wedge.

GBPCHF 1 Day Chart
GBPCHF 1 Day Chart

Daily Forex Update: GBP/CHF
 

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Daily Forex Update: GBP/CHF

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john deauna
john deauna Sep 13, 2017 10:27AM GMT
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