Technical analysis of NZD/CHF
USD/TRY on a corrective phase, targets 4.4500
USD/TRY managed to make a pullback from the resistance level of 4.3689 and it seems we can expect further declines, as the pair is consolidating the price action below the 50 SMA at H1 chart. According to our projections, the USD/TRY pair scopes to reach the demand area at 50%, which coincides with the 200 SMA. Around 3.1963, we can expect further strengthening to reach the -23.6% Fibo zone at .4.4503.
RSI indicator remains in the negative territory, favoring to a lower extension.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.