Autochartist today identified the 4-hour Key Resistance Level 1.5117 (type Approach) on the GBP/CHF charts.

Autochartist rates the Significance of this resistance at the 5 bar level as a result of the five recent reversals from this Key Level in the last 216 candles. The pair previously broke the upper resistance trendline of the downward price channel from June – enclosing the correction to the earlier upward price thrust from February. This downward correction stopped recently at the 50% Fibonacci Correction of upward price impulse from February mentioned above (point A).

The pair is expected to continue to rise toward 1.5117 – in accordance with the predominant medium-term uptrend that can be seen on the daily GBP/CHF charts.

Forex Update

The following daily GBP/CHF chart highlights the aforementioned technical price levels:

Forex Update