This pair has broken a major support trendline and is looking to be forming a reversal wedge. I am expecting another bounce from the new support of wedge, then a large break down. Wait for a clean break down to go short. It will be invalid above the resistance around the 0.72865. FX:NZDCHF
ON THE DAILY CHART WE HAVE A SIMPLE TRADE. WAIT FOR PRICE TO GO BACK TO 0.70634. SELL JUST BELOW 0.70634 WITH A STOP LOSS JUST ABOVE 0.71238. NO PROFIT TARGET SET. LET THE PIPS COME TO YOU.
If we take a look at the NZDCHF pair on a weekly time frame, we can see how many time's the pair have bounced off this area of support and resistance, and we are now at this area again. I am short this pair, entering on a 15 min chart.