Trade of the Day: USD/CHF

USD/CHF recently broke the key support level 0.9008, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the target level 0.8877. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 0.8920 with the protective stop-loss at 0.9026.

As can be seen from the daily USD/CHF chart below – the pair earlier broke the key support level 0.8950 (former low of the daily Hammer from the start of this month). This price level is acting as the resistance after it was broken, The proximity of this resistance level increases the probability USD/CHF will continue to fall to the target level 0.8877.