NZD-CHF
NZD/CHF 1H Chart: Pair faces strong supportNZD/CHF has been trading in a long-term channel down since mid-June. The pair’s latest test of its bottom boundary occurred five weeks ago.
The Kiwi has since been constrained in a channel up, while the most junior channel was formed within this pattern. It is expected that the New Zealand Dollar continues its current movement towards the senior channel located circa 0.7020 during the following two weeks.
In the short term, the pair is also likely to appreciate, given that it faces a strong support formed by the 55-, 100– and 200-hour SMAs, the monthly R1 and the weekly PP near the 0.69 mark. As a result, the short-term channel should be breached to the upside. The nearest resistance is set by the weekly R1 at 0.6985.
NZDCHF BREAKS DOWNTRENDAfter multiple retests and a fall breakout around 0.68400 we can expect a new bullish trend towards 0.71000.
NZD_CHF: Long & Short IdeaNZD_CHF: Support area created.
Going for long till reached the target.
Then another short at resistance is a good idea.
Bearish bias The cross still manteining a bearish bias
The long term market pressure -6.6 and short term market pressure -7.2 confirm the possibility of a breakout and lower prices soon
NZD/CHF 1H Chart: Kiwi tests two channelsNZD/CHF is currently trading in three channels. The senior one was formed mid-September, while the other two emerged only in November. The Kiwi bounced off the senior channel circa 0.6720 last week and has since entered a slight consolidation period.
The current situation shows that the rate is testing the boundaries of two opposing patterns which are likewise reinforced by the 55– and 100-hour SMAs.
Thus, two scenarios are possible. In case the bearish momentum prevails, the Kiwi should edge lower but with limited momentum, as the senior pattern and circa 0.67. The pair might subsequently trade sideways prior to a period of appreciation.
Conversely, the medium pattern might be breached already in this session; however, sharp increase could be hindered by the weekly PP and the 200-hour SMA circa 0.6788. A surge is likely to follow.
NZDCHF short for month of NovemberNZDCHF broke the moving average, suggesting a potential trend change. This in tandem with October's monthly bear candle gives me enough reason to believe a down trend is about to begin.
My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0.
Each order contains a 30 pip stop loss and no take profit target.
These trades are designed to have 3 different exit strategies: 1) Stop out. 2) Manual closure. 3) End of month manual closure.
* End of month manual closure means that the month is over and trade parameters are no longer valid, therefore I will close the trades manually.
NZD/CHF long setupNZD/CHF is consolidating bounce off major trendline support, holds break above 20-DMA at 0.6898.
Kiwi is extending stellar quarterly NZ employment report led gains, while a big beat on the Chinese services PMI data for October also lends support to the antipodeans.
Technical studies support upside in the pair. RSI and Stochs are biased higher.
MACD is showing a bullish crossover on signal line and bullish divergence on RSI keeps scope for upside.
Price action currently struggling to break 50-DMA resistance at 0.6938. Break there finds next bull target at 0.7004 (200-DMA).
On the flipside, we see weakness in the pair closes below 20-DMA support at 0.6898.
Support levels - 0.6898 (20-DMA), 0.6882 (5-DMA), 0.6790 (trendline)
Resistance levels - 0.6938 (50-DMA), 0.70 (converged 100 & 200-DMA), 0.7020 (trendline)
Goo d to go long on break above 0.6938, SL: 0.6890, TP: 0.70/ 0.7020
NZD/CHF 1H Chart: Bears likely to prevailDuring the past seven weeks, the New Zealand Dollar has been weakening against the Swiss Franc, thus forming a descending channel. The latest up-wave within this pattern that began on October 25 has been seemingly constrained by another junior channel; however, its upper boundary still needs one confirmation.
The rate’s current position together with technical indicators suggest that the Kiwi is likely to edge lower in this session. A short-term target could be the 0.6840/60 area where the 55-, 100– and 200-hour SMAs, the 23.6% Fibo and the weekly PP are located.
This territory is likely to hinder the rate for a while; however, the general direction should nevertheless be to the downside towards the lower boundary of the medium-term descending channel and another long-term channel circa 0.6740/0.6760.
Long NZDCHFNZDCHF broke the moving average, suggesting a potential trend change. This in tandem with September's monthly bull candle gives me enough reason to believe an up trend is about to begin.
My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0.
Each order contains a 30 pip stop loss and no take profit target.
These trades are designed to have 3 different exit strategies: 1) Stop out. 2) Manual closure. 3) End of month manual closure.
* End of month manual closure means that the month is over and trade parameters are no longer valid, therefore I will close the trades manually.
Nzd gain powerNZD after 10 days of weakness is gaining power vs all crosses.
The market pressure on this cross are 7.4 (High) and can justify a breakout
For a complete list of market pressure visit my twitter profile.
NZD/CHF 1H Chart: Kiwi tests channelThe Kiwi has been trading in a channel down against the Swiss Franc since mid-September. As apparent on the chart, the pair was stranded in a junior ascending channel during its last wave upwards. This has allowed to test the upper channel boundary.
Currently, the pair demonstrates two possible scenarios.
The more probable option is that the Kiwi would bounce off the given line and initiate a new wave down—a scenario likewise supported by converging technical indicators. However, in order to do so, the pair has to breach the 55-hour SMA and the monthly PP at 0.6990. The next level of significance is the weekly PP, the 100– and 200-hour SMAs and the 23.6% Fibo in the 0.6960/35 area.
Conversely, the Kiwi might decide to continue respecting the boundaries of the junior channel. The upside limit could be the weekly R1 or R2 at 0.7046 and 0.7104, respectively.
NzdChf - Head & Shoulder BreakoutThe NzdChf broke below key support at 0.69902 last week confirming a Head & Shoulders pattern in the process. A re-test of broken support turning resistance will provide a great place for Bears to look for shorting opportunities down towards the target of 0.69140.
NZD/CHF could see breakoutFollowing a six-week depreciation against the Swiss Franc, the Kiwi managed to reverse early on September and recover half of the losses. This upward movement revealed the existence of a junior channel up. This pattern, however, is a part of a longer-period descending channel in force since mid-July.
The pair is gradually approaching the upper boundary of the senior pattern which is located near the 61.8% Fibonacci retracement and the weekly R2 circa 0.7120. It is likely that this area is reached on Monday. Given that ascending wedge is generally a bearish formation, the Kiwi should break out to the upside, possibly using the aforementioned 0.7120 area as a reversal point. Subsequently, the downside target could be the 200-hour SMA and the 38.2% Fibo near 0.7020 a breakout of which should pave the way for a further decline.
If nothing changes in the direction of the pair, it might test the lower boundary of the senior channel in the medium term.
Bearish NZDCHF for the month of SeptemberI expect price to close below the moving average for the month of September.
I'll be looking for bear signals on the daily time frame.
Entries will have a stop loss but no take profit targets. Trades will be closed when monthly candle finishes painting.
