NZDCHF breaking wedge resistance following new SBN intervention

FX:NZDCHF   New Zealand Dollar/Swiss Franc
***Most people will refrain from trading the NZDCHF             due to increased margin requirements since January on top of the structurally-large spread on such a cross.

The technicals of the NZD/CHF are really interesting right now as prices have bottomed out since the end of last week with a daily support at 0.626. The SNB has once again intervened in the Swiss Franc             market this afternoon, which seems to be the fundamental catalyst for a break in the wedge resistance in my chart. Meanwhile, the NZD is oversold and is starting to outperform its peers (please see my related ideas on NZD/USD             and GBP/NZD below). A positive divergence is also evident on the daily RSI , which is likely to push prices back up to the 0.65 handle in the short term. Given the length of time over which the wedge has taken shape, we may be looking at a major low in the market right now with even more upside beyond 0.65. I'm not fundamentally bullish on the NZD, so I'm hesitant in establishing agressive targets for such a swing trade opportunity, but if the fundamental backdrop improves I may entertain the idea of targeting as far as 0.67.
If anyone decides to go long on this cross, the stop should be placed below 0.6260.
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