• NZDCHF reversed from resistance area
• Likely to fall to support level 0.6300
NZDCHF currency pair recently reversed down from the resistance area lying between the key resistance level 0.6420 (which has been reversing the price from the start of January) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous short-term impulse wave (iii) – which belongs to the higher order impulse sequences 3 and (C).
Given the bearish divergence on the daily Stochastic indicator and the strengthening swish franc bullishness seen across the FX markets today – NZDCHF currency pair is expected to fall further toward the next support level 0.6300 (low of the previous waves (iv) and (ii).