Daily Forex Update: EUR/CHF
AutoChartist | Apr 10, 2014 05:47AM ET
Autochartist recently identified the Rising Wedge chart pattern on the daily EUR/CHF charts as can be seen from the following trade opportunity alert for this currency pair. The price is expected to fall to the target level 1.2124 in the next 3 trading days. Autochartist set the stop-level for this forecast at the top of this Rising Wedge (1.2235). This point formed recently – when the pair reversed sharply down with the daily Japanese candlestick pattern the Shooting Star from the resistance zone lying between resistance level 1.2250, 50% Fibonacci Correction of earlier downward impulse from January and upper Bollinger Band (as is shown on the second chart below).
The following daily EUR/CHF chart shows the aforementioned resistance levels:
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