NZDCHF LONG
NZD/CHF Long:
The market is currently at a key daily demand zone on the daily charts. The reaction of the last few daily candles at that support level provides valuable insight into a potential trend reversal. Furthermore, as we shift our focus to the hourly chart, we observe a falling contracting wedge formation, along with a visible double bottom pattern within the wedge. Both patterns' neckline has been broken above and subsequently retested.
Entry: 0.5468
Stop loss: 0.5444
Targets: 0.5498 and 0.5533
The market is currently at a key daily demand zone on the daily charts. The reaction of the last few daily candles at that support level provides valuable insight into a potential trend reversal. Furthermore, as we shift our focus to the hourly chart, we observe a falling contracting wedge formation, along with a visible double bottom pattern within the wedge. Both patterns' neckline has been broken above and subsequently retested.
Entry: 0.5468
Stop loss: 0.5444
Targets: 0.5498 and 0.5533
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