NZD/CHF 1H Chart: Bears likely to prevail
During the past seven weeks, the New Zealand Dollar has been weakening against the Swiss Franc, thus forming a descending channel. The latest up-wave within this pattern that began on October 25 has been seemingly constrained by another junior channel; however, its upper boundary still needs one confirmation.
The rate’s current position together with technical indicators suggest that the Kiwi is likely to edge lower in this session. A short-term target could be the 0.6840/60 area where the 55-, 100– and 200-hour SMAs, the 23.6% Fibo and the weekly PP are located.
This territory is likely to hinder the rate for a while; however, the general direction should nevertheless be to the downside towards the lower boundary of the medium-term descending channel and another long-term channel circa 0.6740/0.6760.
The rate’s current position together with technical indicators suggest that the Kiwi is likely to edge lower in this session. A short-term target could be the 0.6840/60 area where the 55-, 100– and 200-hour SMAs, the 23.6% Fibo and the weekly PP are located.
This territory is likely to hinder the rate for a while; however, the general direction should nevertheless be to the downside towards the lower boundary of the medium-term descending channel and another long-term channel circa 0.6740/0.6760.