Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF recently broke the key resistance level 0.5935, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3-bar level – which is the result of the three earlier reversals from this price level. NZD/CHF is expected to rise further toward the forecast price 0.5976.

As can be seen from the daily NZD/CHF chart below – the pair earlier reversed up from the support area set between the powerful support level 0.5910 (which has been reversing the pair from June) and the lower daily Bollinger Band. The proximity of this support area and the clear bullish divergence on the daily Stochastic add to the probability NZD/CHF will continue to rise toward the forecast price 0.5976.