Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise toward the key resistance level 0.6853 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. NZD/CHF is expected to continue to rise toward the resistance level 0.6853.

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 0.6545 (former multi-month resistance level) and the 38.2% Fibonacci correction of the upward impulse from the start of October. The proximity of this support zone increases the probability NZD/CHF will continue to rise toward the resistance level 0.6853.