GBP/CHF has just completed the high Quality Rising Wedge chart pattern on the daily chart. Autochartist rates the Quality of this chart pattern at the near maximum 9 bar level which is the result of the strong values of all the quality indicators that contribute to its value: maximum Initial Trend (measured at the 10 bar level), very strong Uniformity ( 9 bars) and significant Clarity (8 bars). This chart pattern continues the long-term down trend visible on the daily and the weekly charts. The high Initial Trend reflects the strength of the preceding downward impulse. High Uniformity and the Clarity describe the smoothly developing ABC correction to the prevailing down trend that has just been completed. The top of this correction formed close to the support area made out of the round price level 1.5700 and the 50% Fibonacci Correction of the preceding medium-term downward impulse. The price just broke through the lower support line of this chart pattern with the Breakout whose strength is measured at the maximum 10 bar level. The pair is expected to continue falling toward the Forecast Area set between price levels 1.4092 and 1.4716.
As you can see from the PowerStats chart below, all of the daily Expected Price Range for GBP/CHF for tomorrow stands well below the lower support line of this Rising Wedge. This increases the chances that this breakout will attract further sales in the nearest time.
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