Trade of the Day: EUR/CHF
EUR/CHF continues to rise inside the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the above-average Initial Trend (6 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). EUR/CHF is expected to rise further inside this Down Channel.
As can be seen from the daily EUR/CHF chart below – the price earlier reversed up from the support area located between the key support level 0.9850 (which has been reversing the price from December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the pervious upward impulse from September. The proximity of this support area adds to the probability EUR/CHF will continue to rise inside this Down Channel.