Trade of the Day: NZD/CHF

By: Dima Chernovolov

NZD/CHF continues to rise in the direction of the key resistance level 0.5858, which was recently identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous reversals from this price level. NZD/CHF is expected to rise toward the key resistance level 0.5858.

As can be seen from the daily NZD/CHF chart below – the pair earlier reversed up from the support level 0.5810 (which has been repeatedly reversing the price from the middle of December) and the 61.8% Fibonacci correction of the previous sharp upward impulse from the start of November. The proximity of this support level adds to the probability NZD/CHF will continue to rise toward the key resistance level 0.5858.