By: Dima Chernovolov
EUR/CHF recently broke the key support level 0.9633, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 6-bar level – which is the result of the six earlier reversals from this price level. EUR/CHF is expected to fall toward the forecast price 0.9596.
As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the key resistance area located between the key resistance level 0.9800 (former resistance from August), upper daily Bollinger Band and the 50% Fibonacci correction of the sharp downward impulse from June. The proximity of this resistance area and the strong daily downtrend increase the probability EUR/CHF will continue to fall toward the forecast price 0.9596.