My opinion after analysis expecting here from Monday bulish market. CHF is start losing power on Friday, NZD keeping self higher. In consolidation, price saturated, RBA Interest Rate Cut Tuesday expecting push in NZD power higher
ENTRY: 0.62350
TP: 0.62700
SL: 0.61930
If be chance i will upd TP2.
Chart time frame - 1D
Time for reaching TP - 8 - 72...
NZDCHF is trading in this descending triangle pattern, posting lower highs and level lows. We are awaiting bearish price action before entering a short position, forecasting a break of horizontal support.
4H CHART EXPLANATION:
We observe that price is on a consolidation after bouncing at the Resistance Zone. We know that near the breakout is the Support Zone at 0.61900, so, we will wait for a breakout of the Structure and also of the Support Zone to take a safer trade. The target of the downside movemente is the Daily Support Zone at 0.60700.
DAILY CHART:
In this video update, we take a look at the Swiss Franc and the potential for this currency to continue to weaken.
The commitment of trader reports highlighted a significant increase to short contracts on the swiss franc adding weight to
the current sell-off we are seeing. We will look to sell the weaker currency against stronger counterparts such as the USD.
If you´re still in NZDCHF you should be in profit and you can ignore this analysis.
If you got stopped out at breakeven, you could get in again.
Support zone seems to hold + we had a trendline break.
NZDCHF has pulled back to key horizontal support and has posted higher highs ad higher lows on the shorter term. Stochastic indicators suggest an oversold market. We are now expecting a new trend to emerge to the upside.
