NZD/CHF 30M Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CHF recently distanced itself from the bottom trend-line of the five-day rising wedge and established a trading range on the middle and upper part of the pattern. The top trend-line is strengthened by a Bollinger Band and should hold the pair below, leading to a downward breakout eventually. A reversal will require strong bearish potential, as the pair will face a tough and extensive demand area between 0.7127 and 0.7070 with various time-frame SMAs, a green Ichimoku cloud, Pivot Points and a Bollinger Band all as one trying to elevate the rate. In case the pair manages to overstep the upper trend-line of the wedge following repeated tests of supply, it will come
© Dukascopy Bank SA
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