NZDCHF Falls at intersection of channels
The last few years since 2017, the price has been in a global downtrend.
This trend peaked in February 2020.
The price fell to its annual low of 0.529.
After this collapse, noticeable growth began.
The price has formed an ascending channel (crossing the main descending channel).
Already in November, during the growth, the price was able to break through the support line at 0.615 (the lower line of the falling channel).
And reach the point 0.639 (the resistance line of the ascending channel).
After that, Price made a small rollback.
In my opinion, this will be part of the corrective movement.
I expect the price to be:
1. Will return to the resistance line (line of the ascending channel).
2. Break it and rise to the resistance 0.650 (line of the descending channel).
3. Will fall and come to the support zone (intersection of channel lines).
The target is 0.603.
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Share your opinion in the comments and support the idea with likes.
Thank you for your support!
This trend peaked in February 2020.
The price fell to its annual low of 0.529.
After this collapse, noticeable growth began.
The price has formed an ascending channel (crossing the main descending channel).
Already in November, during the growth, the price was able to break through the support line at 0.615 (the lower line of the falling channel).
And reach the point 0.639 (the resistance line of the ascending channel).
After that, Price made a small rollback.
In my opinion, this will be part of the corrective movement.
I expect the price to be:
1. Will return to the resistance line (line of the ascending channel).
2. Break it and rise to the resistance 0.650 (line of the descending channel).
3. Will fall and come to the support zone (intersection of channel lines).
The target is 0.603.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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