NZD/CHF 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a 160 pip  trail lower. This is the main presumption behind the Double Top patterns—pair fails to reach new (relative) high and slowly trails to the pre-pattern levels. It seems that Fibonacci retracements of 10th to 15th of October rally had a significant impact on the pair (38.2% retracement is where the pattern's support is), but it seem it had faded already. Short term technicals give mild indication of a further depreciation of the pair. Medium term technicals, however, point at the pair's possible bounce from the cluster of support levels at 0.7628/18.

© Dukascopy Bank SA
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