Trade of the Day: EUR/CHF
By: Dima Chernovolov
EUR/CHF recently broke the 4-hour key resistance level 1.0759 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the 3 previous price reversals from this price level. EUR/CHF is expected to continue to rise toward the forecast price 1.0797.
As can be seen from the weekly EUR/CHF chart below – the pair earlier reversed up from the support zone lying between the support level 1.0720, lower weekly Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from May of 2020. The proximity of this support area increases the probability EUR/CHF will continue to rise toward the forecast price 1.0797.