Trade of the Day: EUR/CHF

By: Dima Chernovolov

CHF/JPY continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and lower Clarity (1 bar). CHF/JPY is expected to rise further inside this Rising Wedge.

As can be seen from the daily EUR/CHF chart below – the pair earlier broke the resistance trendline of the daily down channel from July and then the resistance level 0.97. Both of these levels are acting as the support levels after they were broken. The proximity of these support levels increases the probability EUR/CHF will continue to rise inside this Rising Wedge.