Chart of the Day - NZD/CHF
Blake Morrow | Oct 31, 2023 03:31PM ET
If you think the world is not a safe place and looking for a place where traders may "hide out," you may want to check out the NZD/CHF.
The USD/CHF is back at resistance, and with the CHF a traditional "safe haven" currency, it may reassert its role in the coming days. NZD/USD is trading heavily, and the NZD is usually regarded as a risky currency, especially in an uncertain world like the one we live in now.
The chart pattern here suggests that we are in an ascending wedge nearing the 38% retracement. While below the 5300 level, this may be a great short trade setup.
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