NZDCHF: Is the price still GROWING in its CHANNEL?
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🟢Forex Pair:
NZD/CHF
⚪Technical Analysis:
In the weekly time frame, since January 2017, the price has been following a strong descending channel, temporary breaking it in March 2020.
It's currently in uptrend, trying to reach its dynamic resistance line.
In the daily time frame, since March 2020, the price has been following a clear uptrend, bouncing few times on its dynamic support, before getting a strong impulse that moved it up.
It's currently following an ascending channel and there is a possibility to see the price reaching its weekly dynamic resistance.
In the h4 time frame, the price bounced twice inside its main channel and it's currently approaching to get a possible new rejection. The next price action will be essential to understand the next market movement.
🔴Conclusion:
The price is following a strong channel, we can see a double rejection that pushed it up without any hesitation.
I'm confident to see the price getting one more bounce on its dynamic support and move up breaking through the resistance level at about 0.63787, trying to reach my next target on the weekly dynamic resistance.
I would get my first long position if the price will get a rejection on the dynamic support at 0.63285 and I'd open one more position if the price will pullback on the level at about 0.63900
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/CHF
⚪Technical Analysis:
In the weekly time frame, since January 2017, the price has been following a strong descending channel, temporary breaking it in March 2020.
It's currently in uptrend, trying to reach its dynamic resistance line.
In the daily time frame, since March 2020, the price has been following a clear uptrend, bouncing few times on its dynamic support, before getting a strong impulse that moved it up.
It's currently following an ascending channel and there is a possibility to see the price reaching its weekly dynamic resistance.
In the h4 time frame, the price bounced twice inside its main channel and it's currently approaching to get a possible new rejection. The next price action will be essential to understand the next market movement.
🔴Conclusion:
The price is following a strong channel, we can see a double rejection that pushed it up without any hesitation.
I'm confident to see the price getting one more bounce on its dynamic support and move up breaking through the resistance level at about 0.63787, trying to reach my next target on the weekly dynamic resistance.
I would get my first long position if the price will get a rejection on the dynamic support at 0.63285 and I'd open one more position if the price will pullback on the level at about 0.63900
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
