Trade of the Day: EUR/CHF

EUR/CHF recently broke the key support level 0.9597, which was recently identified by Autochartist. Autochartist rates the significance of this key support level at the 5-bar level – which is the result of the 5 earlier price reversals from this price level. EUR/CHF is expected to fall further toward the forecast price 0.9571.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the resistance area located between the resistance level 0.9610 (former strong support from July), 20-day moving average  and the 38.2% Fibonacci correction of the downward impulse from July. The proximity of this resistance area and the overriding daily downtrend increase the probability EUR/CHF will continue to fall toward the forecast price 0.9571.