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Expert In



Technical analysis of NZD/CHF for May 19, 2016

NZD/CHF found a top near 1.6800 after which it started to move lower and lower. The price broke first below 0.6730 and then below the 0.6670 support levels.

Fibonacci applied to the first corrective wave after the 0.6730 support shows that the pair broke below the S2 (0.6575) but failed to test next resistance level at S3 (0.6520). Currently the pair trades right at the 0.6670 resistance (R1) which is still holding after several attempts to break above.

Consider selling NZD/CHF while it trades near R1, targeting S3 (0.6520). The stop loss should be just above R1 (0.6730).

Support:0.6630, 0.6575, 0.6520

Resistance: 0.6670, 0.6730


The material has been provided by InstaForex Company -