Daily Forex Update: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the well-formed, hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist measures the quality of this Up Channel at the 7-bar level – which is the result of the slow Initial Trend (3 bars), strong Uniformity (9 bars) and significant Clarity (8 bars). NZD/CHF is expected to rise further inside this Up Channel in line with the earlier breakout of the key resistance level shown below.

As can be seen from the daily NZD/CHF chart below, the price recently broke the strong resistance level 0.7050 (which earlier reversed the price with the daily Japanese candlesticks reversal pattern Evening Star in January). This price level is acting as support after it was broken. The proximity of this support level and the strength of the active daily impulse wave from February increase the probability NZD/CHF will continue to rise inside this Up Channel.

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