Trade of the Day: AUD/CHF
By: Dima Chernovolov
AUD/CHF recently broke the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the above-average Initial Trend (6 bars), higher Uniformity (7 bars) and strong Clarity (8 bars). AUD/CHF is expected to continue to rise toward the forecast price 0.6863.
As can be seen from the daily AUD/CHF chart below – the pair earlier broke through the key resistance level 0.6900 (which has been reversing the pair from the end July). This price level is acting as the support level after it was broken. The proximity of this support level adds to the probability AUD/CHF will continue to rise toward the forecast price 0.6863.