NZDCHF Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of NZDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 49 - Dec 02
M > Market is respecting downward resistance trend-line, price is approaching to test the trend-line. From there we can expect a rejection to the downside.
W > We can see two W patterns and their neck will be Short targets. Price is currently testing weekly supply zone.
D > Price has decelerated and rejection to downside is building up. Bearish divergence can be seen suggesting correction to the downside.
As per COT NZD further added both Long and Short bringing Long to the highest for the year, ZXY has gained strength all of November, it is now testing a major resistance level. We can expect some correction to the downside for NZD. CHF saw addition of both Long and Short. SXY recovered slightly during the said period and it further strengthened last week.
4H > Price has been consolidating at current level for over a week, price can move up for a last final attempt to break the consolidation before making a downward move.
Pair Correlation > NZDCHF has positive correlation with NZDCAD, NZDUSD, NZDJPY and GBPCHF negative correlation with EURNZD and GBPNZD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
