Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF recently broke the key support level 1,0957, which was previously identified by Autochartist. Autochartist rates the Significance of this price level at the 5 bar level which is the result of the 5 previous reversals from this price level. EUR/CHF expected to fall further toward the forecast price 1,0910 – in line with the earlier downward reversal from the resistance area shown below.

As can be seen from the daily EUR/CHF chart below, the price earlier reversed down with the daily candlesticks reversal pattern Evening Star from the resistance area lying between the key resistance level 1.1030 and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/CHF will continue to fall toward the forecast price 1,0910.