TheForexFellows

NZD/CHF - confluence providing strong signal to sell

Short
FX:NZDCHF   New Zealand Dollar/Swiss Franc
NZD/CHF has been within a bearish weekly trend since mid-June, with price creating lower highs on the daily timeframe . More recently, price has seen a bullish return into a zone of confluence that includes sloping resistance from the weekly, daily and 4H timeframes. This zone of confluence would lead us to the conclusion, that the latest bullish run is a pullback in the overall bearish trend , and that the most likely next step for price would be to fall back towards the support at 0.5970, thus continuing the overall bearish trend .

A break above each of the resistance zones at approx. 0.6110 would invalid this analysis.

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