Trade of the Day: EUR/CHF

EUR/CHF falling inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the low Initial Trend (3 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). EUR/CHF is expected to fall further inside this Down Channel.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the resistance zone located between the resistance level 0.9675 (former multi month low from March), upper daily Bollinger Band, 50% Fibonacci correction of the downward impulse from June. The proximity of this resistance zone and the clear daily downtrend increase the probability EUR/CHF will continue to fall inside this Down Channel.