Trade of the Day: GBP/CHF

GBP/CHF recently broke the key support level 1.1068, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the target level 1.1015. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 1.1051 with the protective stop-loss at 1.1077.

As can be seen from the daily GBP/CHF chart below – the pair earlier reversed down from the key resistance level 1.1140 (which has been reversing the pair from the start of October) coinciding with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from June. Given the proximity of the resistance level 1.1140, GBP/CHF can be expected to fall further toward the target level 1.1015.