Trade of the Day: EUR/CHF

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ChartViper Trade of the Day

EUR/CHF recently broke the key resistance level 0.9552, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5-bar level – which is the result of the five earlier reversals from this price level. EUR/CHF is expected to rise further toward the forecast price 0.9559.

As can be seen from the daily EUR/CHF chart below – the pair earlier reversed up from the support area located between the strong support level 0.9520 (which has been reversing the pair from the end of July) and the lower daily Bollinger Band. The proximity of this support area and the bullish divergence on the daily Stochastic increase the probability EUR/CHF will continue to rise toward the forecast price 0.9559.

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