Daily Forex Update: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the clear Down Channel chart pattern which was recently identified by Autochartist on the daily charts. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and strong 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 area shown below.


As can be seen from the daily NZD/CHF chart below, the bottom of this Down Channel formed when the pair earlier reversed up from support zone lying between the major support level 0.6720 (which also reversed the price sharply in April) and the lower daily Bollinger Band. The proximity of this support area and the oversold reading on the daily Stochastic increases the probability NZD/CHF will continue to rise inside this Down Channel.


To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.


For further information on this and other Autochartist products visit www.autochartist.com


You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.