NZD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CHF broke its consistent uptrend late August just to enter a channel down and reverse successfully. Currently on its way to the upper trend-line of the pattern, NZD/CHF faces 0.7091 and 0.7100 where it will have to battle its way north with further risk at 0.7113. Squeezed in between 55-hour and 200-hour SMAs, the pair is building up some bearish potential to execute a bounce from the upper boundary of the channel, targeting the same levels as before, but from the other side. In case a dip starts immediately, the rate will be held by 0.7073/70, a strong demand region, which will induce significant weakness if violated from above. A close below would put 0.7058/54 into perspective with several levels left before the channel bottom trend-line reveals itself at 0.6979.
© Dukascopy Bank SA
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