GBP/CHF today broke the 30-minute Falling Wedge chart pattern identified by Autochartist.

Autochartist rated the Quality of this chart pattern at the 6 bar level which reflects the sharp Initial Trend (9 bars), low Uniformity (3 bars) and above-average Clarity (6 bars). This Breakout continues the medium-term uptrend that can be seen on the daily and the weekly GBP/CHF charts and follows the previous strong upward price thrust (high Initial Trend reflects its strength) from the 50% Fibonacci Correction of the daily upward price impulse from February, standing near the strong support level 1.4800 (which acted as resistance at the start of 2012 when it reversed the pair sharply down) and the lower weekly Bollinger Band.

GBP/CHF is expected to continue upward movement toward the Forecast Price 1.5043.

Forex Update

The following weekly GBP/CHF chart shows the aforementioned support levels:

GBPCHF