Daily Forex Update: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to fall in the direction of the Key Support level 1.06310 (of the type Approach) which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Significance of this key level at the 5 bar level – which is the result of the five recent price reversals from this support level. EUR/CHF is expected to reach this key support level in the coming trading sessions.
As can be seen from the daily EUR/CHF chart below, the price earlier reversed down from the resistance zone lying between the resistance level 1.0830, upper daily Bollinger Band and the 50% Fibonacci correction of the sharp downward impulse from last September. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover. The strength of the down trend visible on the daily charts increases the probability EUR/CHF will continue to fall toward the key support level 1.0631.
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