EUR/CHF continues to rise toward the key resistance level 0.9718, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 7-bar level – which is the result of the 7 earlier reversals from this price level. EUR/CHF is expected to continue to rise toward the resistance level 0.9718.
As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the key support level 0.9680 (low of the previous daily Hammer from the middle of May), intersecting with the lower daily Bollinger Band. The proximity of this support level and the oversold daily Stochastic increases the probability EUR/CHF will continue to rise toward the resistance level 0.9718.