Trade of the Day: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to fall inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and strong Clarity (8 bars). EUR/CHF is expected to fall further inside this Down Channel.
As can be seen from the daily EUR/CHF chart below – the price earlier broke through the support levels 1.0090 and 1.0000. The breakout of these support levels strengthened the bearish pressure on this currency pair. Given the strength of the active daily downtrend and the downward impulse from the start of June, EUR/CHF can be expected to fall further inside this Down Channel.