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A newly computational method based on the Coiflet wavelet and homotopy analysis method is developed, which inherits the great nonlinear treatment of the homotopy analysis technique and the local high-precision capability of the wavelet approach, to give solutions to the classic problem of channel flow with moving walls. The basic principle of this suggested technique and the specific solving process are presented in detail. Its validity and efficiency are then checked via rigid comparisons with other computational approaches. It is found that the homotopy-based convergence-control parameter and the wavelet-based resolution level of Coiflet are two effective ways to improve on accuracies of solutions.