Hello and welcome to my Trade Idea of the currency pair NZD/CHF.
Lets start with the Top Down Analysis.
Monthly: The monthly timeframe is very bearish with strong bearish candles.
Weekly: On the weekly timeframe we see the strong bearish waves.
Daily: We see on the daily timeframe a pullback to the upside.
H4: Here we draw the counter trendline and expect...
PAIR IN FOCUS: NZDCHF
ACTION: LONG
The overall idea is a counter-trend trade - looking to enter a long position and TP at the trend line which has been broken previously.
Price has broken up of a falling wedge, but still in part of a retracement of a larger bearish wave. Price has tested the 38.2 Fibonacci retracement level and slightly rejected it. The Entry...
NZDCHF bounced off 0.63210 where it could potentially rise further to 0.64196.
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Losses can exceed the initial investment so please ensure you fully
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Be careful with patterns and trend lines
Support and resistance are identified
The green areas are Target
The red areas are strong and important
Time range specified
AB=CD will trigger entries on the butterfly
Price action is telling us it is time to go down and currently looking at great risk:reward ratios.
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Harmonic butterfly pattern currently developing on the daily timeframe
The resistance at 0,64150 is going to push price down to complete this pattern.
When the pattern is complete price reaches 161,8% of CD, which is the horizontal line plotted on the chart.
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Thank you for all the support!
After analysis i can say we will have much more bigger UP trend. NZD is gain power from last trade deal talk last week, NZD is today the strongest currency. CHF is in down trend, today is one of the weakest curencys and i believe CHF will stay low in next days.
TP1: 0.63700
ENTRY: 0.63450+-
SL: 0.63050
Chart time frame - 1D
Time for reaching TP - 8 - 72...
4H CHART EXPLANATION:
On the 4H chart, we observe that price broke the channel that was against the bottom of the Major channel. Now, trying to break the Resistance Zone, we are waiting for a consolidation like a continuation pattern to place long entries here. The main target would be the Broken Daily Trendline.
DAILY CHART ANALYSIS:
After analysis i can say we will haveve much more bigger DOWN trend. CHF showing elf like one of strongest valuts today, he is gain some power from CAD rate cut, CPI results yestarday are be positive for CHF. On NZD today we can see he losing power, my opinion is that trend will going more down.
TP1: 0.62110
ENTRY: 0.62360+-
SL: 0.62750
Chart time frame - 1D...
