Trade of the Day: EUR/CHF

By: Dima Chernovolov
EUR/CHF recently broke the key resistance level 1.0121, 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 earlier price reversals from this price level. EUR/CHF is expected to continue to rise toward the forecast level 1.0152.

As can be seen from the daily EUR/CHF chart below – the price earlier reversed up from strong support level 1.0090 (previous monthly low from April), intersecting with the lower daily Bollinger Band. The proximity of the support level 1.0090 and the oversold daily Stochastic increase the probability EUR/CHF will continue to rise toward the forecast level 1.0152.