By: Dima Chernovolov
NZD/CHF continues to rise toward the key resistance level 0.6447 which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the Significance of this key level at the 7-bar level – which is the result of the seven previous price reversals from this resistance level. NZD/CHF is expected to continue to rise toward the resistance level 0.6447.
As can be seen from the daily NZD/CHF chart below – the price earlier reversed up from the support zone located between the support level 0.6410 (which reversed the price multiple times from the end of September), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from August. The proximity of this support area increase the probability NZD/CHF will continue to rise toward the resistance level 0.6447.