InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    Technical analysis of NZD/CHF for March 18, 2016 2016-03-18

    After finding the bottom near the 0.6500 psychological level and forming a bullish divergence on the RSI oscillator, NZD/CHF moved higher and broke the descending channel. At the same time, the pair broke above the very strong resistance (0.6600) that has been previously tested many times. At the moment, the price corrected down and is once again near the broken resistance (currently S1 support).

    The Fibonacci applied to the first corrective wave after the resistance breakout shows potential upside targets. The 261.8% retracement level (R3) corresponds to the Fibonacci channel 261.8% retracement which could be an ideal upside target.

    Consider buying NZD/CHF while the price is near S1 (0.6600), targeting either R2 (0.6690) or R3 (0.6750) being the final target for a potential upcoming wave up. A stop loss should be well below the S1 support.

    Support: 0.6600

    Resistance: 0.6655, 0.6690, 0.6750


    Show full picture

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree