Daily Forex Update For July 6, 2018: NZD/CHF
AutoChartist | Jul 06, 2018 06:59AM ET
NZD/CHF continues to rise inside the clear 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the medium Initial Trend (5 bars), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). NZD/CHF is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the strong support zone shown below.
As can be seen from the weekly NZD/CHF chart below, the price earlier reversed up from the support zone lying between the long-term support level 0.6710 (which has been reversing the price from April) and the lower weekly Bollinger Band. This proximity of this support zone and the oversold weekly Stochastic increase the probability NZD/CHF will continue to rise inside this Up Channel.
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