NZD/CHF 1H Chart: Kiwi consolidates
The New Zealand Dollar has been weakening against the Swiss Franc in a steep channel down. This movement has been likewise bounded by a two-month channel. The pair tested the senior pattern last week and subsequently entered a minor period of consolidation.
The pair’s positioning in the aforementioned senior pattern suggests that the Kiwi could eventually pick up momentum and target its upper line, the nearby-located 38.20% Fibonacci retracement and the monthly PP circa 0.6980. It is likely that this resistance surrenders and thus allows for further advance. Technical indicators demonstrate that this surge might occur in a week’s time.
In the meantime, some downward potential is still apparent in the market during the following sessions. This fall, however, should not be significant, as the monthly and weekly S1s and a channel line are located at 0.6850.
The pair’s positioning in the aforementioned senior pattern suggests that the Kiwi could eventually pick up momentum and target its upper line, the nearby-located 38.20% Fibonacci retracement and the monthly PP circa 0.6980. It is likely that this resistance surrenders and thus allows for further advance. Technical indicators demonstrate that this surge might occur in a week’s time.
In the meantime, some downward potential is still apparent in the market during the following sessions. This fall, however, should not be significant, as the monthly and weekly S1s and a channel line are located at 0.6850.
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