NZD/CHF 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Earlier this week we have described a double top pattern formed by NZD/CHF, and suggested the short term outlook is bearish. Despite strong bearish sentiment, the pair bounced back from the support line and currently trading at 0.75, slightly above the weekly pivot. Concerns the support line would be breached have eased and moreover, according to MACD, the pair would continue moving to the north, as it is sending "buy" signals on three different timeframes. Aggregate indicators, however, do not give a clear indication on where the pair may head in the nearest future. The outlook is bullish, hence a retest of a 200-bar SMA can be expected.
© Dukascopy Bank SA
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