GBP/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound recently once more confirmed an upper trend line of an ascending channel pattern against the Swiss Franc. Moreover, the currency exchange rate broke the resistance put up by the 23.60% Fibonacci retracement level of the upper and lower levels of the rate on January 15 2015. On a larger scale the currency exchange rate is surging in the borders of a much larger descending channel. What has to be noted is the fact that this ascending channel has a very tight range, compared to the previous descending channel, which represented the pairs decline in the borders of the dominant channel. The rate is likely to continue its surge after a slight bounce off the short term channel's trend line.
© Dukascopy Bank SA
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