Trade of the Day: GBP/CHF

GBP/CHF recently broke the key resistance level 1.1160, 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 level 1.1196.

As can be seen from the daily GBP/CHF chart below – the pair earlier reversed up from the key support level 1.1090 (which has been repeatedly reversing the price from November) standing near the lower daily Bollinger Band. The proximity of the support level 1.1090 adds to the probability the pair will continue to rise toward the forecast level 1.1196.