Trade of the Day: EUR/CHF

EUR/CHF rising toward the key resistance level, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 0.9471. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 94450 with the protective stop-loss at 0.9430.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the strong support level 0.9415 (which stopped the sharp downtrend in October) standing near the lower daily Bollinger Band. Given the proximity of the support level 0.9415 and the oversold daily Stochastic, EUR/CHF can be expected rise further toward the target level 0.9471.