NZD/CHF 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CHF confirmed built up bearish potential in a rising wedge formation with a break below the bottom boundary at 0.7149 to slip to 0.7081, the bottom Bollinger Band for tests of the area. The motion could be cut soon to take up a corrective motion for the sake of the broken trend-line, however, we will look for a slide in general, setting the first major target around 0.6984/77. With various time-frame SMAs weighing on the currency pair from above, there is little upside risks left apart from the retracement, meaning that we might see a conclusive bearish reversal from now on.
© Dukascopy Bank SA
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