Will the CHF bounce back down from the resistance?
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).
Dmitry Chernovolov
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