NZD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi trades against the Swiss Franc simultaneously in three patterns. On a large scale the rate is in a rising wedge. On a medium scale the pair fluctuates in the borders of a descending channel. Both of these larger patterns are actually almost horizontal making the pair a bad long term bet for anyone, but their trend lines still need to be accounted for one to benefit from short term fluctuations. On a small scale the pair has recently bounced off the medium channel's upper trend line and has formed a descending channel, which is approaching the support line of the large scale wedge. That signals that in the near future a rebound might occur, that would last for weeks.
© Dukascopy Bank SA
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