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.
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