NZD/CHF 1H Chart: Bears likely to prevail

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Buy Sell
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

During the past seven weeks, the New Zealand Dollar has been weakening against the Swiss Franc, thus forming a descending channel.

The latest up-wave within this pattern that began on October 25 has been seemingly constrained by another junior channel; however, its upper boundary still needs one confirmation. 

The rate's current position together with technical indicators suggest that the Kiwi is likely to edge lower in this session. 

A short-term target could be the 0.6850/60 area where the 55-, 100– and 200-hour SMAs, the 23.6% Fibo and the weekly PP are located. This territory is likely to hinder the rate for a while; however, the general direction should nevertheless be to the downside towards the lower boundary of the medium-term descending channel and another long-term channel circa 0.6700/0.6725.

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