NZD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
GBP/NZD tested 1.6763 twice on the daily time-frame, sketching what could be seen as a double bottom formation with a neck-line at 1.7959. After a channel on the four-hour chart led the pair up towards the area smoothly, this week's volatility in the Pound market gave a nudge to easily soar over the critical area. The pair tapped and slightly over stepped the upper boundary of the channel, but respected the trend-line after all, setting the movement to the downside. In case the cross now targets the bottom bound of the channel, 1.8093 will come as the first downside target and might mess with the momentum a little bit. A surge is currently most likely to be cut around 1.8289, the upper bound of the channel.
© Dukascopy Bank SA
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