NZDCHF Weakness After Miss at 0.63

0 28

NZDCHF has seen a gradual ascension from the yearly lows witnessed in March.

Prices have failed in an attempt to break out of the upper regression line, leading to a move to the median regression. Further weakness in the pair has seen a double bottom at the lower regression.

A hidden bearish divergence supported the move to the downside as price now see a break of the lower channel.

The next likely target could be 50% of the 0.5298/0.6551 Fibonacci leg. This would push prices towards the 0.60 area as the Ichimoku cloud and Kijun line hangs on.


A shorter-term perspective looks at a break past the lower ascending channel.

The previous hidden bullish divergence supported a move to monthly highs. However, weakness since then has led prices to fall past the 50% 0.6185/0.5907 downside Fibonacci leg.

Should further weakness ensue, a fall past 0.60 is expected, with the 23.6% Fibonacci area the next target. The downside move is also supported with prices trading far away from the Ickimoku cloud



or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.