Daily Forex Update For August 9: NZD/CHF
AutoChartist | Aug 09, 2018 07:34AM ET
NZD/CHF continues to fall inside the clear Down Channel chart pattern which was recently identified by Autochartist on the 30-minute charts. Autochartist rates the quality of this Down Channel at the 6-bar level – which reflects the slow Initial Trend (one bar), strong Uniformity (7 bars) and near-maximum Clarity (9 bars). NZD/CHF is expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily NZD/CHF chart below, the pair previously broke below the key support level 0.6650, which stopped the sharp downward impulse in June. This price level is acting as a significant resistance level after it was broken. The proximity of this resistance level adds to the probability NZD/CHF will continue to fall inside this Down Channel.
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