Daily Forex Update: NZD/CHF
AutoChartist | Jun 01, 2012 06:58AM ET
Autochartist has recently identified the well-formed Triangle chart pattern on the hourly NZD/CHF charts. The overall Quality of this Triangle is measured at the 6 bar level – which reflects the following values of the individual contributing Quality indicators: low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and near-maximum Clarity (8 bars). This chart pattern continues the prevailing downtrend visible on the weekly NZD/CHF charts. More specifically, this chart pattern continues the proceeding sharp daily downward price thrust from the major resistance level 0.7760 (this impulse broke through the support trendline of the previous upward ABC correction in the February of this year, as is shown on the second chart below). The top of this Triangle (point A on the chart below) formed at the 38,2% Fibonacci Retracement of the aforementioned preceding downward price impulse from 0.7760. The pair is expected to fall further in the nearest time.
The following weekly NZD/CHF chart shows the technical price levels mentioned above:
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