NZD/CHFShort
NZD/CHF BEARISH TRADE OPPORTUNITY
The NZD/CHF market structure has been relatively on a downtrend which has consolidated into a bearish channel looking at the 4H time frame. Price is currently at the structure zone of resistance and this presents a potential sell opportunity in price action. I see price pushing down further in the coming days given the number of days this structure has persisted. I recommend we wait for further signals to show up in this market since stochastic did not give convincing confluence to short the market. In addition, the head and shoulders chart pattern in price action has not fully formed. If it does form, a breakout of the neckline and a possible retest of it will present a stronger trading opportunity to short the market. My take profit target will be at 0.6468 and stop-loss could be placed at 20 pips away from the entry price.
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