Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF recently broke the 30-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slower Initial Trend (3 bars) and medium Uniformity (5 bars). EUR/CHF is expected to rise toward the forecast price 0.9880.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up with the daily Doji from the support area lying between the pivotal support level 0.9680 (which has been reversing the price from September), lower daily Bollinger Band and the 50% Fibonacci correction of the sharp impulse from September. The proximity of support zone adds to the probability EUR/CHF will continue rise toward the forecast price 0.9880.