NZDCHF 4H Chart: Trading in narrow channel
The New Zealand Dollar has been moving in a descending channel against the Swiss Franc since late July 2017. The upper boundary of a dominant channel was tested on July 31 and that was followed by a new wave down.
After hitting the 38.20% Fibonacci retracement level, the NZD/CHF exchange rate took a dive south and has since been trading in a narrow junior channel. This retracement can be measured by connecting the low at 0.6738 and the high at 0.7099.
As for nearest future, bears are likely to grow stronger until it breaches a support cluster set by the 200-hour simple moving average and the weekly S1 at 0.6843 where the lower boundary of the narrow channel is located.
After hitting the 38.20% Fibonacci retracement level, the NZD/CHF exchange rate took a dive south and has since been trading in a narrow junior channel. This retracement can be measured by connecting the low at 0.6738 and the high at 0.7099.
As for nearest future, bears are likely to grow stronger until it breaches a support cluster set by the 200-hour simple moving average and the weekly S1 at 0.6843 where the lower boundary of the narrow channel is located.
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