NZD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Kiwi– Swiss Franc cross has formed a channel up pattern on October 3 and it seems the pair will continue channelling in the foreseeable future. Last time bears made an attempt to penetrate the support line was on October 10, however, the price soared higher and since then the price was mostly traded in the upper part of channel. Furthermore, support line is moving very close to a 200-hour SMA, hence this level represents a strong support for further depreciation. Additionally, aggregate technical indicators on a 1H chart are sending "buy" signals. The stochastic is moving to a territory, which signal market is overbought, hence, the short term outlook is bearish.
© Dukascopy Bank SA
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