NZD/CHF 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
An almost perfect channel up pattern has been spoiled by diminishing lows, but sends the same signal as it did before. NZD/CHF is floating mid-pattern and will most likely target the upper boundary of the pattern after the upper trend-line of the newly-sketched falling wedge is broken at 0.7349. We will look for a hitch at the area, but an ultimate breakout, which might lead to a steep motion to the channel line due to lacking supply levels in between both boundaries. On a larger scale – 0.7408 is likely to cut the northward motion just before the channel trend-line is reached.
© Dukascopy Bank SA
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