NZD/CHF has recently completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), below-average Uniformity (4 bars) and higher Clarity (7 bars). This chart pattern continues the prevailing downtrend visible on the weekly NZD/CHF charts. More specifically, this Triangle continues the preceding daily downward price impulse from the strong resistance area lying at the intersection of the horizontal resistance level 0.7700 and the 50% Fibonacci Retracement of the previous weekly downward price impulse from the July of 2007 to the March of 2009. The pair is expected to fall further in the direction of the Forecast Price 0.7460.
The following weekly NZD/CHF chart highlights the aforementioned technical price levels: