NZD/CHF 1H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Tue, 22 Jan 2019 12:14:14 GMT
Source: Dukascopy Bank SA
 

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

The New Zealand Dollar has been appreciating against the Swiss Franc since the beginning of January after the exchange rate reversed from the lower boundary of the medium-term descending channel at 0.6530.  

As apparent on the chart, the currency pair is trading near the upper channel line located circa 0.6720. From a theoretical point of view, the rate should reverse south and target the lower channel line located in the 0.0635/0.6400 range. 

If given channel does not hold, it is likely that a breakout north occurs in the nearest future. Potential upside target is the Fibonacci 61.80% retracement at 0.6822.


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