NZD/CHF 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Trading flat for the last two sessions, NZD/CHF tapped the bottom trend-line of the one and a half week channel and is about to trigger a surge in between the channel lines. Historically, we expect the pair to stick to the bottom trend-line for a while, as it did on the latest wave north. The flattish uptrend should emerge instantly or at 0.71156 with the immediate 0.7144/47 area working against it to maintain proximity to the trend-line. The rate will encounter just another level of significance (0.7187) on its way through the pattern, making it a relatively smooth lift. A break below the channel line would, however, result in a dip at least as low as 0.7116, but rather 0.7107/05.
© Dukascopy Bank SA
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