USD/CAD: 55 Moving Average acting as support
There's a bullish 'Hammer', which has been confirmed by the following 'Three Methods' pattern. In this case...
NZD/CHF broke powerful support level 0.6940
- NZD/CHF broke powerful support level 0.6940
- Next sell target - 0.6860
NZD/CHF continues to fall sharply – following the earlier breakout of the powerful support level 0.6940 (which stopped the previous sharp downward corrections 4 and (2), as can be seen from the daily NZD/CHF chart below). The breakout of the support level 0.6940 is following the earlier breakout of the support zone lying at the intersection of the key support level 0.7000 and the weekly channel line from 2016.
NZD/CHF is expected to fall further to the next sell target at the support level 0.6860 (monthly low from last July and the forecast price for the termination of the active minor impulse wave 3).
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Dmitry Chernovolov
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