Daily Forex Update: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the 4-hour Down Channel chart pattern which was previously identified by Autochartist. Autochartist measures the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (9 bars), low Uniformity (3 bars) and significant Clarity (8 bars). NZD/CHF is expected to rise further inside this Down Channel – in line with the earlier upward reversal from the powerful support zone shown below.

As can be seen from the weekly NZD/CHF chart below, the bottom of this Down Channel formed when the price reversed up from the support area lying between the multi-month support level 0.6720 (monthly low from May) and the lower weekly Bollinger Band.  The proximity of this support area and the oversold weekly Stochastic increase the probability NZD/CHF will continue to rise inside this Down Channel.

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