Daily Forex Update: EUR/CHF

\ 5:16 PM EDT \ October 17th, 2013

By: Dima Chernovolov

This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.

 

EUR/CHF continues to fall inside the 4-hour Up Channel that was previously identified by Autochartist – as you can see from the following trade alert for this currency pair. The price is set to break this Up Channel and then to fall to the target level 1.2260 in the next 3 trading days. Autochartist set the stop-level for this forecast at the top of this chart pattern – at 1.2376 (point B). This point formed recently when the pair reversed down from the combined resistance area lying at the intersection of the resistance trendline of the daily Down Channel from July as well as the upper daily Bollinger Band (as you can see on the second chart below).

20131018dailyfximage1

The following daily EUR/CHF chart shows the resistance levels mentioned above:

20131018dailyfximage2

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