The NZD has been very strong of late and the CHF is weak. The trend is clearly up and price has been folowing the slope of the up Andrews pitchfork
for the whole of 2014. For the most part the trend has been corrective in nature and yet it managed to retrace 76.4% of the major May-Jun swing down. However, price has never made it to the median line
. Every rally, while reaches new highs (in horizontal terms), exhibits increasing weakness vs. the fork's slope. There is no particular reason I can think of to be bearish
about it though (and go short), no bearish trend
forming yet (I wouldn't be able to draw a down fork
) - just some early signs of bulls' weakness, that's all. There is a solid horizontal base at 0.7755 (roughly at the prior high), which acts as strong support. That's where new buying opportunities may present themselves.
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