NZD/CHF has recently completed the Falling Wedge chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the strong Initial Trend (rated at the 8 bar level), average Uniformity (5 bars) and higher Clarity (7 bars). This chart pattern continues the sharp preceding upward price impulse (whose strength is reflected by the high Initial Trend value) from the major long-term level of support 0.5700 (which had previously reversed the strong downtrend at the start of 2009, as is shown on the third chart below). The pair is expected to rise further in the direction of the Price Forecast area located between price levels 0.7293 and 0.7523.
As can be seen from the following 30-minute Key Levels chart for NZD/CHF, the above Breakout coincided with the Breakout through the horizontal level of resistance 0.7100, identified previously by Autochartist, which adds to the likelihood that the pair will continue upward movement tomorrow.
The following weekly NZD/CHF chart demonstrates the technical price levels mentioned above:
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Daily Forex Update: NZD/CHF
Published 12/02/2011, 07:45 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: NZD/CHF
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