Daily Forex Update: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the clear daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), medium Uniformity (5 bars) and strong Clarity (9 bars). NZD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily NZD/CHF chart below, the price earlier reversed up from the combined support zone lying between the key support level 0.6825 (which reversed the price sharply in March), support trendline from December and the lower daily Bollinger Band. The proximity of this support zone increases the probability NZD/CHF will continue to rise inside this Up Channel.

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