Daily Forex Update: EUR/CHF
AutoChartist | Aug 11, 2014 02:04AM ET
Autochartist recently identified the Down Channel chart pattern on the hourly EUR/CHF charts- as you can see below. The pair is expected to break out of this Down Channel and then to rise to the target level 1.2155 in the next 2 trading days. The stop-level for this forecast is set by Autochartist at 1.2119 (point A). This point was formed recently when the pair reversed up sharply from the strong support zone lying between the support level 1.2120 (which has been reversing the pair from March of 2013, as you can see on the second chart below) and the lower weekly Bollinger Band.
The weekly EUR/CHF chart below shows the previous price action near the support level 1.2120:
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.