NZD/CHF found a top near 1.6800 after which it started to
move lower and lower. The price broke first below 0.6730 and then below the
0.6670 support levels.
Fibonacci applied to the first corrective wave after the
0.6730 support shows that the pair broke below the S2 (0.6575) but failed to test
next resistance level at S3 (0.6520). Currently the pair trades right at the 0.6670 resistance (R1) which is still holding after several attempts to break
above.
Consider selling NZD/CHF while it trades near R1, targeting
S3 (0.6520). The stop loss should be just above R1 (0.6730).
Support:0.6630, 0.6575, 0.6520
Resistance: 0.6670, 0.6730
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of NZD/CHF for May 19, 2016 appeared first on forex-analytics.press.