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.
Nzd_chf
NZDCHF breaking wedge resistance following new SBN intervention***Most people will refrain from trading the NZDCHF due to increased margin requirements since January on top of the structurally-large spread on such a cross.
The technicals of the NZD/CHF are really interesting right now as prices have bottomed out since the end of last week with a daily support at 0.626. The SNB has once again intervened in the Swiss Franc market this afternoon, which seems to be the fundamental catalyst for a break in the wedge resistance in my chart. Meanwhile, the NZD is oversold and is starting to outperform its peers (please see my related ideas on NZD/USD and GBP/NZD below). A positive divergence is also evident on the daily RSI, which is likely to push prices back up to the 0.65 handle in the short term. Given the length of time over which the wedge has taken shape, we may be looking at a major low in the market right now with even more upside beyond 0.65. I'm not fundamentally bullish on the NZD, so I'm hesitant in establishing agressive targets for such a swing trade opportunity, but if the fundamental backdrop improves I may entertain the idea of targeting as far as 0.67.
Nzd/Chf Bullish above Fibonacci Expansion TargetNzd/Chf is showing a nice Bullish engulfing candle on the 4hr chart
Just above 61.8% Fibonacci Expansion target - which now could act as a support
The Stochastic indicator shows a slight bullish divergence too,
and price seems to be rejecting the lows around 0.6260
I am long Nzd/Chf with a first target of taking out previous highs around 0.64,
second target is 23.6% daily Fibonacci retracement level around 0.6550
This is very nice RR ratio if low is indeed in place here,
Open long: Nzd/Chf: 0.63 -- SL: 0.6250 -- TP1: 0.64 TP2: 0.6540
p.s. Excuse me for posting this idea twice - I thought I did something wrong the first time
