Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF recently broke the key resistance level 1,0769 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. EUR/CHF is expected to continue to rise toward the forecast price 1,0792.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the support area located between the key support level 1.0735 (monthly low from January) and the lower daily Bollinger band. The proximity of this support zone increases the probability EUR/CHF will continue rise toward the forecast price 1,0792.