Daily Forex Update: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise inside the clear hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (7 bars) and higher Clarity (8 bars). NZD/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance area shown below.
As can be seen from the daily NZD/CHF chart below, the price earlier broke through the key resistance area located between the pivotal resistance level 0.6500 (which reversed the in September) and the 61.8% Fibonacci correction of the previous downward impulse from August. This price area is acting as support zone after it was broken. The proximity of this support zone increases the probability NZD/CHF will continue to rise inside this Up Channel.
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