Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF recently broke the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the strong Initial Trend (9 bars), significant Clarity (8 bars) and near-maximum Uniformity (9 bars). NZD/CHF is expected to rise toward the forecast price 0.6463.

As can be seen from the daily NZD/CHF chart below – the pair earlier reversed up from the support area located between the key support level 0.6415 (which has been reversing the price from February) and the lower daily Bollinger Band. The proximity of this support area increases the probability NZD/CHF will continue to rise toward the forecast price 0.6463.