Trade of the Day: EUR/CHF

By: Dima Chernovolov

EUR/CHF recently broke the 30-minute Double Top chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Double Top at the 7-bar level – which is the result of the average Initial Trend (5 bars), significant Uniformity (7 bars) and medium Clarity (5 bars). EUR/CHF is expected to fall toward the forecast price 0.9906.

As can be seen from the weekly EUR/CHF chart below – the price earlier reversed down from the resistance zone located between the key resistance level at parity 1.000 (former strong support from the start of last year), upper weekly Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from the middle of 2022. The proximity of this resistance area and the strong weekly downtrend increase the probability EUR/CHF will continue to fall toward the forecast price 0.9906