Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to rise inside the 4-hour Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity (8 bars) and lower Clarity (3 bars). EUR/CHF is expected to rise further inside this Rising Wedge.

As can be seen from the daily EUR/CHF chart below – the pair previously broke above the pivotal resistance level 1.065 (which has been reversing the price from the start of March). This price level is acting as the strong support after it was broken. The proximity of this support level increases the probability EUR/CHF will continue to rise inside this Rising Wedge.