Daily Forex Update: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise after the earlier breakout of the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (7 bars) and strong Clarity (8 bars). NZD/CHF is expected to rise toward the Forecast Price 0.6481 – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/CHF chart below, the price earlier reversed up from the support area lying between the strong support level 0.6310 (which also reversed the price at the start of 2016) and the lower daily Bollinger Band. The proximity of this support area increases the probability NZD/CHF will continue to rise toward the Forecast Price 0.6481.
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