Hello traders! NZD/CHF has been steadily rising during the past month. We can see that price has been producing higher highs and higher lows, indicating the validity of the long term uptrend.
The recent correction down brought the price from 0.5995 high, down to 0.5806 low, where it found the support. The support is provided by 200 Simple Moving Average, the lower trendline of the descending channel, 50% Fibonacci retracement level as well as the uptrend trendline. We are yet to see whether this support will be rejected and a 3-hour close must be above these support indicators.
If that will be the case, price is likely to resume the uptrend. Potentially, NZD/CHF could rise a far as 0.6200, which is nearly 400 pips growth potential. This is the level where 88.6% Fibonacci level is located, although price can get stopped from rising earlier. The nearest resistance is seen at 76.4% Fibs, which is 0.6084 level.
Bias: Strongly bullish while 3H close remains above 0.5813
Potential Support Zone: 0.5800 area
Potential Targets: 0.6084, 0.6210
Have a profitable trading!