Its Very High! Oscilators are showing that its too high!!! Im looking for a sell. and will draw a fib retracement from the daily bottom to the top and will find a take profit around the 50 percent retracent level for now.
But its not a sell yet! We have to wait for some kind of entry!
Trade Background:
Price continues to move higher alongside global equity market. The risk on we're seeing is causing the Swiss Franc, a currency known to be a safe heaven, to devalue since mid November. As price approaches final resistance level, look for a potential reversal. Keep in mind that the pair will most likely reverse alongside a broad global market...
Updated View On NZD/CHF (19 Nov 2019)
I am seeing a 'possible' rise on this pair. (Please see the arrow drawing)
At least do not short it at this moment, as it can rise further first.
DYODD, all the best and read the disclaimer too.
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nzdchf is scaling up very correctively, we need to be patient and see how market will react! of course we have phase one trade deal so if things will be positive then the short set up will be invalid. trade safe and with care because Christmas is near. Also watch lower time frame for impulse move, do not early sell it! Good luck.
I think we will test the 0.64250 region where buyers of this pair will close their positions and we will see a big rejection/daily wick and in December this pair will be short.
PRICE IS CURRENTLY IN A KEY SUPPLY AND DEMAND ZONE, PRICE ACTION SHOWING US SIGNS THE BULLISH MOMENTUM IS EXHAUSTING WITH INDECISION CANDLES. COULD TAKE ENTRY NOW FOR A RISKY ENTRY BUT I'D LIKE TO SEE BEARISH CANDLES TO CONFIRM THE REVERSAL, GREAT RR SETUP TOO! LET ME KNOW WHAT YOU THINK, TRADE SAFE.
Potential Short trade NZDCHF
Pair has traded in a pattern on these support and resistance levels 4 times now so expecting another move down.
My SL is 0.64125 and TP 0.61980 and using tight MM as some big European data this week
