NZD/CHF recovery encounters resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The New Zealand Dollar reached unseen lows against the Swiss Franc in early August. Although, the rate found support in the 0.4950 level, and started a recovery. However, at the start of September, the pair encountered resistance in the 0.5280/0.5335. The encounter was followed by a decline to the 0.5175/0.5200 range.

In the near term future, the pair could be pushed through the support of the 0.5175/0.5200 zone by the 50-day simple moving average. Below this range, the rate's descend might be slowed down by the 0.5100 and 0.5000 levels, before reaching the August low levels near 0.4950.

If the currency rate surges, it would have to break the 50-day simple moving average, the 0.5280/0.5335 zone and the trend line that connects the pair's high levels. If all of these levels are broken, then the NZD/CHF might approach the 200-day simple moving average and the 0.5400 mark.
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