Trade of the Day: EUR/CHF

EUR/CHF falling inside the 15-minute Falling Wedge chart pattern, which was identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 0.9425. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 0.9447 with the protective stop-loss at 0.9456.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the resistance area located between the key resistance level 0.9530, 20-day moving average and the 50% Fibonacci correction of the downward impulse from November. Given the proximity of the resistance level 0.9530 and the clear daily downtrend, CHF/JPY can be expected to rise further toward the target level 165.21.