The NZD/CHF pair have formed a Bat pattern that is suggesting the move up. What we can see on the chart is that the price is in the uptrend and we have a higher low. The uptrend support line supports the bullish Pin bar that is forming on the daily time frame.
Horizontal support is adding more confirmation to the uptrend support which together makes a confluence of support.
With these three support signals we have bullish Pin bar forming which gives even more confirmation. The Pin bar candlestick pattern is right on the support which gives more confidence that it is a valid pattern.
First target 0.65219 is below the first resistance which makes this target easily reachable. The second profit target is slightly above the first resistance level. The better profit target would be 0.65390, which is below horizontal resistance and is the price level reached in the previous bulls attempts.
Stop loss is at 0.64067, which is around support that is below current confluence of support. If the price breaks below, it will be heading towards last month's low.
With a Risk:Reward ratio of 3.46, it is a good trading opportunity.
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NZD/CHF With Buying Opportunity Targeting 0.65219
Published 11/11/2021, 09:13 AM
Updated 07/09/2023, 06:32 AM
NZD/CHF With Buying Opportunity Targeting 0.65219
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