Daily Forex Update: EUR/CHF
AutoChartist | May 26, 2014 02:30AM ET
Autochartist recently identified the Up Channel chart pattern on the daily EUR/CHF charts –as you can see from the following trade alert for this currency pair. EUR/CHF is expected to break this Up Channel and then to fall to the target level 1.2163 in the next 4 trading days. Autochartist set the stop-level for this forecast at 1.2238. This point formed recently, when the pair reversed down from the resistance zone lying between 50% Fibonacci Correction of the preceding sharp downward impulse from January and the upper resistance trendline of the daily Triangle from February (as you can see on the second chart below).
The following daily EUR/CHF chart shows the aforementioned resistance levels:
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