NZD/CHF continues to rise after the completion of the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 5 bar level as a result of the strong Initial Trend (rated at the 7 bar level), average Uniformity (5 bars) and lower Clarity (4 bars). This chart pattern continues the sharp preceding upward impulse (whose strength is reflected by the higher Initial Trend value of this Triangle) from the major long-term support 0.5800, which had previously reversed the downtrend at the start of 2009, as is shown on the second chart below. The price has recently broken through the upper resistance trendline of this Triangle with the Breakout, whose strength is measured at the 5 bar level. The pair is expected to rise further toward the Forecast Area, set between price levels 0.7250 and 0.7451.
The following weekly NZD/CHF chart shows previous price action close to the strong support at 0.5800:
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Daily Forex Update: NZD/CHF
Published 11/08/2011, 05:33 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: NZD/CHF
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