By: Dima Chernovolov
EUR/CHF continues to fall in the direction of the key support level 1.1065 (of the type Approach) which was previously identified by Autochartist. Autochartist rates the significance of this key support level at the 6-bar level – which is the result of the six previous price reversals from this price level. EUR/CHF is expected to fall toward the support level 1.1065 – 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 from the resistance area located between the key resistance level 1.1100 (which has been reversing the price from the end of February) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability EUR/CHF will continue to fall toward the support level 1.1065.