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NZDCHF Analysis (Sunday 26 April, 2020)

Short
FX:NZDCHF   New Zealand Dollar/Swiss Franc
Here on the four hour chart, price is starting to make lower highs and a trendline has been formed. My bias is short but there is the possibility of a break to the upside. After price formed an ending diagonal to finish the five wave sequence, we saw a sell off to the start of Wave 4, which has become a well respected low now. We have outline 2 possible fibonacci levels which are likely targets for if we were to see some downside movement. Although price is repeatedly retesting the trendline, we have not had a close above it, which means it is still intact as resistance.