Trade of the Day: EUR/CHF

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ChartViper Trade of the Day

EUR/CHF continues to rise toward the key resistance level 0,9717, 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. EUR/CHF is expected to continue to rise in the direction of the resistance level 0,9717.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the major support area located between strong support level 0.9700 (previous monthly low from November and March) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability EUR/CHF will continue to rise toward the resistance level 0,9717.

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