NZD/CHF 4H Chart: Targets swing high at 0.6520
The New Zealand Dollar against the Swiss Franc has been moving in an ascending channel since the beginning of September. The currency pair bounced off its lower boundary of the channel on September 7 and followed by an upside wave.
The exchange rate opens above the monthly pivot point at 0.6444 during Friday’s trading session. Therefore, bullish momentum could dominate this currency pair within today’s session.
If a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6434 level holds, the NZD/CHF could target a swing high at 0.6520 during the following trading sessions.
The exchange rate opens above the monthly pivot point at 0.6444 during Friday’s trading session. Therefore, bullish momentum could dominate this currency pair within today’s session.
If a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6434 level holds, the NZD/CHF could target a swing high at 0.6520 during the following trading sessions.
Comment:
The New Zealand Dollar has increased its trading range massively against the Swiss Franc. This bullish momentum began after the currency pair reversed from the bottom border of a dominant descending channel at 0.6300.
A strong support cluster set by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.6813 was providing support for the exchange rate during the morning hours of Thursday’s session.
If this support cluster holds, the currency exchange rate will aim for the upper boundary of the given channel at 0.6937 during the following sessions.
However, the monthly R3 at 0.6897 could prevent this move from happening today.
A strong support cluster set by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.6813 was providing support for the exchange rate during the morning hours of Thursday’s session.
If this support cluster holds, the currency exchange rate will aim for the upper boundary of the given channel at 0.6937 during the following sessions.
However, the monthly R3 at 0.6897 could prevent this move from happening today.
The exchange rate tested the upper boundary of the channel pattern at 0.6600 during yesterday’s trading session. After hitting the resistance level, the pair made a pullback south and currently moving towards a support level formed by the 50-hour simple moving average at 0.6502.
If this support level holds, it is expected that the currency exchange rate will aim for a re-tests at the upper border of the channel at 0.6600 during the following trading sessions.