NZD/CHF 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a rally in September, NZD/CHF slowed and began a period of consolidation and trading in a rectangle pattern since August 27. Even though it was a double top pattern initially, bears failed to push the price below pattern's support and currently it is already approaching the upper trend line. Currently the pair is bounded by weekly R1 and R2 and in case R2 is breached, then traders could focus on the pattern's resistance. While in case bears push the pair below 0.76, 200-bar SMA would be put on the map. Meanwhile, New Zealand Dollar was the biggest gainer during the last five trading days.
© Dukascopy Bank SA
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