Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and lower Clarity (4 bars). NZD/CHF is expected to rise further inside this Up Channel.

As can be seen from the daily NZD/CHF chart below – the pair earlier reversed up from the support area set between the major long-term support level 0.5911 (which has been reversing the pair from the end of 2020) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic increase the probability NZD/CHF will continue to rise inside this Up Channel.