NZD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the sudden dip induced by a technical crash, NZD/CHF acted according to the rising wedge it traded inside of before the event by sinking below the bottom boundary. The pair is currently attempting a slip below the weekly Pivot Point of 0.7093 and we do not expect the level to hold, opening up 0.7086 and 0.7081 for tests. In case the slide out of the pattern proves unsustainable and solely driven by the aforementioned market event, we will see it reinforcing the bottom trend-line with a return inside of the pattern after 0.7103/04, 0.7106 and 0.7109 are battled successfully.
© Dukascopy Bank SA
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