By: Dima Chernovolov
NZD/CHF continues to fall inside the 4-hour Up Channel chart pattern which was previously 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 (5 bars), average Uniformity (5 bars) and strong Clarity (9 bars). NZD/CHF is expected to fall further inside this Up Channel – in line with the earlier downward reversal from the resistance area shown below.
As can be seen from the daily NZD/CHF below, the pair today reversed down from the resistance area lying between the key resistance level 0.6920 (which stopped the sharp uptrend in December) and the upper daily Bollinger Band. The proximity of this resistance area and the overbought daily Stochastic indicator increase the probability NZD/CHF will continue to fall inside this Up Channel.
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