Trade of the Day: EUR/CHF
By: Dima Chernovolov
EUR/CHF continues to rise inside the hourly Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and substantial Clarity (8 bars). EUR/CHF is expected to rise further inside this Rising Wedge – in line with the earlier up reversal from the key support area shown below.
As can be seen from the daily EUR/CHF chart below, the pair earlier reversed up with the weekly Japanese candlesticks reversal pattern Hammer from the support area lying between the key support level 1.1160 and the lower daily Bollinger Band. The proximity of this support area increases the probability EUR/CHF will continue to rise inside this Rising Wedge.
