Autochartist recently identified the Down Channel chart pattern on the hourly EUR/CHF charts- as can be seen below. EUR/CHF is expected to break this Down Channel and then to reach the target level 1.2155 in the following two trading days. Autochartist set the stop-level for this forecast at 1.2119 (A). This point formed earlier when the price corrected up strongly from the major support area located between the support level 1.2120 (which has been reversing the price from March of 2013, as can be seen on the next chart below) and the weekly lower Bollinger Band.
The following weekly EUR/CHF chart highlights the previous price action close to the support level 1.2120:
Published On Mon, Aug 11 2014, 04:58 GMT