Daily Forex Update: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise inside the clear hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the slow Initial Trend (one bar), significant Uniformity (8 bars) and maximum Clarity (10 bars). NZD/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance area shown below.
As can be seen from the daily NZD/CHF chart below, the price earlier broke through the resistance area lying between the resistance level 0.6820 (which stopped the 3 previous minor corrections from the middle of November) and the 50% Fibonacci correction of the downward impulse from last month. This price zone is acting as support area after it was broken. The proximity of this support area increases the probability NZD/CHF will continue to rise inside this Up Channel.
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