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FxPro Forex Analysis: NZDCHF Wave Analysis – July 2, 2018

NZDCHF broke long-term support level 0.6720
• Likely to fall further

NZDCHF continues to fall after the earlier breakout of the powerful, long-term support level 0.6720 (which stopped the previous sharp downtrends in May and November of 2017, as can be seen from the daily NZDCHF chart below).

The breakout of the support level 0.6720 accelerated the active short-term impulse wave 3, which belongs to the medium-term impulse wave (C) from the middle of April.

NZDCHF is likely to fall further and re-test the next support level 0.6600 (target price for the termination of the active impulse wave 3).

NZDCHF - Primary Analysis - Jul-02 1742 PM (1 day)

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