• NZDCHF reversed from support zone
• Likely to rise to resistance level 0.6300
NZDCHF currency pair recently reversed up from the support zone lying between the powerful support level 0.6240 (previous monthly low from the middle of August) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous sharp downward impulse wave 3 – which belongs to the higher order downward impulse sequence (3) from the middle of October.
Given the strength of this support zone, rising Swiss franc outflows and the still oversold reading on the daily Stochastic indicator, NZDCHF currency pair can be expected to rise further toward the resistance level 0.6300.