Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF moving inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (1 bar), low Uniformity (3 bars) and strong Clarity (8 bars). EUR/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the combined resistance zone located between the strong resistance level 0.9920 (which has been reversing the price from July), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from June. The proximity of this resistance area increases the probability EUR/CHF will continue to fall inside this Up Channel.