EUR/CHF Expected To Fall Further
AutoChartist | Feb 02, 2013 05:31AM ET
As can be seen from the following opportunity alert for EUR/CHF that I received today through Autochartist’s email subscription, the pair is expected to fall further toward the target level 1.2325 in 13 hours. This target level corresponds to the last upward reversal point of the lower support trendline of the hourly Descending Triangle chart pattern identified by Autochartist (which is still in the process of forming). Autochartist sets the stop level for this decline at 1.25082 – which is the last resistance turning point of this Descending Triangle. The downward sloping moving average adds to the likelihood that this currency pair will reach 1.2325 in the 13 hours.
As you can see from the following PowerStats chart for EUR/CHF, the lower boundary of the daily Expected Price Range for this pair (1.2314) stands below the target level from the above opportunity alert (1.2325) – which further confirms this bearish forecast.
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