Trade of the Day: GBP/CHF

GBP/CHF recently broke the 30-minute key resistance level 1.1161, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3 bar level – which is the result of the three earlier reversals from this price level. GBP/CHF is expected to rise toward the forecast price 1.1185.

As can be seen from the daily GBP/CHF chart below – the pair earlier reversed up from the powerful support level 1.1090 (which has been repeatedly reversing the pair from last November) standing near the lower daily Bollinger Band. The proximity of the support level 1.1090 increases the probability GBP/CHF will continue to toward the forecast price 1.1185.