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NZD/CHF Potential Downward Movement

NZD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.6387, 0.6427, 0.6450

Key Support Levels: 0.6330, 0.6315, 0.6295

Daily Chart:

The price on the higher time frame is in a clear downtrend where it found sellers around the 0.65100 USD mark, and it tumbled all the way to break the daily support around the 0.6390 USD. An inside candlestick has been posted near the resistance (0.6390 USD) which indicates that the sellers are still in control and in fact the price will further decline.

NZD/CHF Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price posted a correction count to the strong resistance around the 0.6382 USD mark. In addition, a head and shoulders is posted near this which could lead to a reversal and a move to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 0.6382

TP 1 @ 0.6338

TP 2 @ 0.6315

Stop Loss @ 0.6399

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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