NZD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is surging against the Swiss Franc simultaneously in three patterns. First of all the currency exchange rate is in a rising broadening wedge pattern on a large scale, as the pair has been trading in accordance with the wedge pattern since March. Secondly there is a medium term channel up pattern, which shows the way for the rates surge from the support line to the resistance of the wedge. Last but likely the most important pattern is the ascending channel, which has formed in the borders of the medium term channel, as the currency exchange rate is moving towards the upper trend line of the medium term ascending channel pattern's upper trend line. SWFX market sentiment confirms a continuation of the surge, as the pair is oversold with 72% of open positions short.
© Dukascopy Bank SA
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