Daily Forex Update: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to fall inside the 4-hour Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and strong Clarity (8 bars). EUR/CHF is expected to fall further inside this Falling Wedge – in line with the earlier breakout of the support area shown below.

As can be seen from the daily EUR/CHF chart below, the price earlier broke the support zone lying between the key support level 1.1660 (which reversed the previous minor correction 4 in March) and the 61.8% Fibonacci correction of the upward price impulse from February. This price zone is acting as resistance area after it was broken. The proximity of this resistance zone increases the probability EUR/CHF will continue to fall inside this Falling Wedge.

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