Technical analysis of NZD/USD for September 26, 2018

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Overview:

On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.6635 and 0.6616. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.6635, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.6635. So, the market is likely to show signs of a bullish trend around the spot of 0.6635/0.6616 In other words, buy orders are recommended above the golden ratio (0.6635) with the first target at the level of 0.6696. Furthermore, if the trend is able to breakout through the first resistance level of 0.6696. We should see the pair climbing towards the double top (0.6696) to test it. Next objective will be targted at the level of 0.6728. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6616.

The material has been provided by InstaForex Company - www.instaforex.com