Trade of the Day: EUR/CHF

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ChartViper Trade of the Day

EUR/CHF continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which reflects the strong Initial Trend (10 bars), average Uniformity (5 bars) and higher Clarity (6 bars). EUR/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the support area set between the key support level 0.9770 (which has been reversing the price from November), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from last September. The proximity of this support area adds to the probability EUR/CHF will continue to rise inside this Up Channel.

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