Trade of the Day: EUR/CHF

EUR/CHF recently broke the key hourly support level 0.9585, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level. EUR/CHF is expected to fall toward the forecast price 0.9537.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the resistance level 0.9610 (former support from July) intersecting with the 38.2% Fibonacci correction of the downward impulse from July. The proximity of this resistance level and the strong multi-month downtrend increase the probability EUR/CHF will continue to fall toward the forecast price 0.9537.