NZD/CHF 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 224-bar long double top with almost maximum percentage of quality and magnitude is moving to its apex, as already on Friday bears pushed the pair below the support line. Nevertheless, since then the pair has been fluctuating around the same level, raising concerns the price may bounce back from the support line, meaning the formation of a rectangle pattern. Even though technical indicators on daily chart are suggesting an appreciation of the pair, current market sentiment is strongly bearish, as 71% of traders are holding short positions. Hence, in the nearest future a dip below the support line is widely expected by market participants.
© Dukascopy Bank SA
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