NZDCHF near significant support

Updated

is near a very significant daily support. Wil be watching the price action around 0.55230. If there is a daily close below that level, next level to watch is the ATL of march 2020 around 0.52870.

Note

Price still making lower highs but seems to be starting a sideways consolidation. Still in wait and see mode.

Trade active

Price is clearly in consolidation mode now.
From current price to first level of major resistance is around 100 pips. SL below the daily support and major pivot is around 17 pips, which makes a risk to reward ratio of 6 to 1.
It is a trade worth taking. Opened a small long position targeting just below 0.5632.

Taguspt

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