The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
NZD/CHF falling inside minor corrective wave 2
- NZD/CHF falling inside minor corrective wave 2
- Next sell target - 0.6730
NZD/CHF continues to fall inside the minor corrective wave 2, which recently reversed down from the resistance area lying between the strong resistance level 0.6890 (which reversed the price with the daily Shooting Star at the end of January), upper daily Bollinger Band and 38.2% Fibonacci correction of the previous intermediate ABC correction from the start of January. NZD/CHF is expected to fall further toward the next sell target at the next support level 0.6730 (low of the previous corrective wave (2)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.