Is New Zealand that Weak Against Switzerland?
Since early March NZD has fallen drastically against CHF and what we do as traders is figure out the cause of that, technical and fundamental wise.
The Kiwi (New Zealand currency) has resulted to have low exports which makes lower exports are a result of smaller contribution to GDP, causing the NZD's value to fall. On the other hand Swiss franc (Switzerland currency) has shown its capability to keep its economy stable, having to reach all time high against the dollar of 3.88, these are the factors that quite shows us why the Swiss franc is a stable currency than most currencies fundamentally.
Taking it to technical terms. from March we saw the price getting compressed on an ascending triangle, eventually breaking it and coming back to retest at 0.68184 which was on exactly on the broken triangle and going bearish as far as surpassing 0.65585 which was typically our 61.8% fib level. Now currently on the indecision zone on the Purple zone confirmed by two support levels and the Million dollar is question is "Is it going to 0.63596"? which is our worst case scenario. Maybe, let's just wait for this pair to confirm for us.
The Kiwi (New Zealand currency) has resulted to have low exports which makes lower exports are a result of smaller contribution to GDP, causing the NZD's value to fall. On the other hand Swiss franc (Switzerland currency) has shown its capability to keep its economy stable, having to reach all time high against the dollar of 3.88, these are the factors that quite shows us why the Swiss franc is a stable currency than most currencies fundamentally.
Taking it to technical terms. from March we saw the price getting compressed on an ascending triangle, eventually breaking it and coming back to retest at 0.68184 which was on exactly on the broken triangle and going bearish as far as surpassing 0.65585 which was typically our 61.8% fib level. Now currently on the indecision zone on the Purple zone confirmed by two support levels and the Million dollar is question is "Is it going to 0.63596"? which is our worst case scenario. Maybe, let's just wait for this pair to confirm for us.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.