Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the 4-hour Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (7 bars) and strong Clarity (8 bars). NZD/CHF is expected to rise further inside this chart pattern.

As can be seen from the daily NZD/CHF chart below – the price earlier broke the resistance zone located between the key resistance level 0.6465 (former support from the end of September) and the 38.2% Fibonacci correction of the downward correction from the middle of September. This price area is acting as the support zone after it was broken. The proximity of this support zone increases the probability NZD/CHF will continue to rise inside this Rising Wedge.