- NZDCHF reversed from multi-month resistance level 0.6300
- Likely to fall 0.6200
NZDCHF continues to rise fall after the pair reversed down from the multi-month resistance level 0.6300 (which topped the previous sharp upward impulse 5 at the start of June), coinciding with the upper daily Bollinger Band. The downward reversal form the resistance level 0.6300 started the active downward impulse wave (i) – which is a part of the longer-term downward impulse sequence 1 which started earlier from the same resistance level 0.6300.
Given the strength of the resistance level 0.6300, overbought reading on the daily Stochastic and the bearish NZD sentiment seen across the currency markets today – NZDCHF is likely fall further toward the next support level 0.6200 (target for the completion of wave (i) and the former major resistance from the end of July).