Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 10-bar level – which is the result of the strong Initial Trend (8 bars), maximum Uniformity (10 bars) and significant Clarity (9 bars). EUR/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up with the daily Morning Star from the support level 1.0935 (which has been reversing the price from the start of May) intersecting with the lower daily Bollinger Band. The proximity of support level adds to the probability EUR/CHF will continue to rise inside this Up Channel.