This pair is trading at a rather very interesting area, right above the neckline of the double bottom that just formed. We night want to look at the current price action as a retest after a buy, that's not enough confirmation though, for now we wait for proper rejection candles to print before taking positions.
From a technical view, one would expect this pair to go a bit higher following the recent upward momentum. There's however a very strong resistance at around 1.31846, giving us an option to wait for price to get to that point. If price rejects that resistance, we're likely to see downward momentum to as far as the arrow indicates. A break above the resistance...
After breaking out of the falling wedge and giving candlestick confirmation on the 13th of July 2020, this pair is ready to to continue with the prior move up. We are currently trading the bullish channel which is clearly visible on the 4H chart. Entry, Stop and Exit are clearly visible on the chart.
Technical Analysis:
NzdChf has been ranging within a symmetrical triangle for a while now. Bouncing on the lower side of the triangle and printing rejection candles on the 4H chart. A Head and Shoulder formation to further increase our confluence and a bullish bias. NZDCHF is ready to go up.
Current Market execution - 07:46 AM (GMT+2 Johannesburg)
TP 0.62848
SL 0.59918
