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NZD/CHF Potential Downward Movement

NZD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.64984, 0.65642, 0.66000.

Key Support Levels: 0.64390, 0.63969, 0.63900.

Daily Chart:

The price on the higher time frame managed to break the expanding wedge to the downside and it succeeded to break the daily support level around the 0.64984 CHF mark with a big bodied bearish bar and then retrace to the new resistance. Further downside is expected in the coming hours toward the next key level.

NZD/CHF Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is traded inside a channel formation where it is heading toward the area of confluence which is made by the strong resistance and the 61.80% Fibonacci retracement level. This could lead to a reversal and a move to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 0.64962

TP 1 @ 0.64399

TP 2 @ 0.63969

Stop Loss @ 0.65145

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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