NZD/CHF 30M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After repeatedly attempting 0.7253, the September high, NZD/CHF took a dive inside of a channel down pattern – just to break it on Friday. The pair is currently testing the tough 0.7171/74 area, and could elevate to 0.7180 in case tests are successful. The consolidation phase should end soon, as the rate is already approaching levels of significance, even on a flat motion. In case it needs a more conclusive retracement of the broken trend-line, 0.7160 will be touched before the rally. While unlikely, a return inside the pattern cannot be eliminated, and would lead to tests of 0.7148.
© Dukascopy Bank SA
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