Daily Forex Update: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to fall inside the daily Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), lower Uniformity (4 bars) and high Clarity (9 bars). EUR/CHF is expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily EUR/CHF chart below, the pair earlier broken through the key support 1.1260 (former monthly low from November). This price level is acting as the strong resistance level after it was broken. The proximity of this resistance level and the strength of the active daily downtrend increase the probability EUR/CHF will continue to fall inside this Down Channel.
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