EUR/CHF is continuing the long-term down trend inside the Falling Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is measured at the 4 bar level which is the result of the low Initial Trend and Clarity values (3 and 4 bars correspondingly) and the higher Uniformity (6 bars). The low Initial Trend value reflects short-term sideways price movement that developed as the price approached strong support level at 1.2800 (which reversed the preceding down trend and formed the first connecting point for the lower support line of this chart pattern). The price has just reversed down from the combined resistance level made out of the upper resistance line of this Falling Wedge, as well as the round price level 1.3000 and the 38,2 % Fibonacci Retracement of the preceding down impulse that started at the fist connecting point for the upper resistance trend line of this chart pattern. The pair is expected to fall further in the coming sessions.
The 240-minute EUR/CHF shows the high Quality Triangle chart pattern that has just completed. The Quality of this chart pattern is rated at the strong 7 bar level that reflects significant values of the 2 quality indicators that contribute to its value: Uniformity (8 bars) and Clarity (7 bars). The price has just broken through the lower support line of this chart pattern with the Breakout, whose strength is measured at the maximum 10 bar level. EUR/CHF is expected to fall toward the Forecast Area set between price levels 1.2590 and 1.2731.
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