Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF continues to fall in the direction of the key support level 0.9743, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 4-bar level – which is the result of four earlier reversals from this price level. EUR/CHF is expected to fall further toward this support level 0.9743.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the key resistance area located between the major resistance level 0.9800 (which has been reversing the price from August), upper daily Bollinger Band and 38.2% Fibonacci correction of the downward impulse from June. The proximity of this resistance area and the clear daily downtrend increase the probability EUR/CHF will continue to fall toward the support level 0.9743.