Trade of the Day: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to fall after the earlier breakdown of the extended, 171-candlestick key support level 1.0538. Autochartist rates the Quality of this key support level at the 4-bar level – which is the result of the 4 previous price reversals from this price level. EUR/CHF is expected to fall toward the forecast price 1.0484.
As can be seen from the daily EUR/CHF chart below – the breakout of the support level 1.0538 continues the active daily impulse waves, which started earlier from the resistance area zone located between the pivotal resistance level 1.0650 and the upper daily Bollinger Band. The strength of the daily downtrend increases the probability EUR/CHF will continue to fall toward the forecast price 1.0484.