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EUR/CHF recently broke the key support level 0.9544, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 5-bar level – which is the result of the 5 earlier reversals from this price level. EUR/CHF is expected to fall toward the forecast price 0.9519.
As can be seen from the daily EUR/CHF chart below – the pair earlier reversed down from the resistance area located between the strong resistance level 0.9595 (which has been reversing the price from the middle of August), and the upper daily Bollinger Band. The proximity of this resistance area and the overriding daily downtrend increase the probability EUR/CHF will continue to fall toward the forecast price 0.9519.
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