Trade of the Day: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise after breaking the hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the strong Initial Trend (8 bars), above-average Uniformity (6 bars) and substantial Clarity (8 bars). NZD/CHF is expected to rise toward the forecast price 0,6125 – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily NZD/CHF chart below – the pair earlier reversed up from the support zone located between the support level 0, 6050 (which has been reversing the price from the start of June), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from the middle of May. The proximity of this support area increases the probability NZD/CHF will continue to rise toward the forecast price 0,6125.