Trade of the Day: NZD/CHF
By: Dima Chernovolov
NZD/CHF continues to rise inside the 30-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (4 bars), above-average Uniformity (6 bars) and medium Clarity (5 bars). NZD/CHF is expected to rise further inside this chart pattern.
As can be seen from the daily NZD/CHF chart below – the pair previously reversed up from the support area located between the key support level 0.6100 (which has been reversing the pair from the middle of January) and the lower daily Bollinger Band. The proximity of this support area adds to the probability NZD/CHF will continue to rise inside this Rising Wedge.