Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
NZD/CHF reversed from key support zone
- NZD/CHF reversed from key support zone
- Next buy target - 0.7060
NZD/CHF has been rising from the start of this week – following the earlier sharp upward reversal from the key support zone lying between the support level 0.6800 (former powerful resistance level from the end of 2015 and the start of 2016, as can be seen below), lower weekly Bollinger Band and the 38.2% Fibonacci correction of the pervious weekly upward ABC correction Ⓑ from the middle of May.
NZD/CHF is expected to rise to the next buy target at the next resistance level 0.7060 (top of the previous intermediate wave (2) from April).
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.