By: Dima Chernovolov
EUR/CHF continues to fall inside the 15-minute Down Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the medium Initial Trend and Uniformity (5 bars) and significant 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 pair earlier broke the key support level 0.9550 (which has been reversing the pair from the end of August). This price level is acting as the strong resistance after it was broken. The proximity of this resistance level and the strong daily downtrend increase the probability EUR/CHF will continue fall inside this Down Channel.