Trade of the Day: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise toward the key resistance level 0.6269 which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the 4 previous price reversals from this price level. NZD/CHF is expected to continue to rise toward the key resistance level 0.6269.
As can be seen from the daily NZD/CHF chart below – the price earlier reversed up with the daily Hammer from the support zone lying between the key support level 0.6175 (which has been reversing the price from the start of December) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability NZD/CHF will continue to rise toward the key resistance level 0.6269.