NZD/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar is depreciating against the Swiss Franc in a channel down pattern in the short term. On a larger scale the currency exchange rate has been moving south in a falling wedge pattern since the start of September. The rate's movement is highly affected also by the 200-period SMA, which has managed to many times change the pairs direction. In the following reverses of the direction usually the rate has reconfirmed the wedge's trend line and only afterwards continued its initial course. Moreover, recently the 23.60% Fibonacci retracement of the 2016 high and low levels has affected the rate by providing support or resistance, for a short term hindering the currency exchange rate.
© Dukascopy Bank SA
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