Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to rise toward the key resistance level 1.0723 which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the Significance of this key 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 resistance level 1.0723.

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As can be seen from the daily EUR/CHF chart below – the price earlier reversed up from the support area located between the pivotal support level 1.07 (which reversed the price multiple times in August) and the lower daily Bollinger Band. The proximity of this support area and oversold daily Stochastic increase the probability EUR/CHF will continue to rise toward the resistance level 1.0723