Trade of the Day: USD/CHF

USD/CHF recently broke the key resistance level 0.8690, which was identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 0.8724. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 0.8695 with the protective stop-loss at 0.8669.

As can be seen from the daily USD/CHF chart below – the pair earlier reversed up from the support area located between the key support level 0.8630 (which stopped the sharp downtrend in April) standing near the lower weekly Bollinger. Given the proximity of the support level 0.8630 and the oversold weekly Stochastic, USD/CHF can be expected to rise further toward the target level 0.8724.