NZD/CHF Price Analysis: Bears seeking a daily downside extension
|- NZD/CHF bears are in play and focus with downside prospects on the table.
- Bulls are testing the bear's commitments at a critical resistance structure.
NZD/CHF is steady in the Tokyo open but the downside is more compelling at this juncture as the bulls tire at critical resistance.
The following illustrates the path of least resistance on the daily chart and prospects of an imminent breakout of the symmetrical triangle on the hourly chart.
Daily chart
The cross is embarking on a significant correction, but the bears are stepping up at a critical resistance structure, so the focus is on the downside.
Hourly chart
From an hourly perspective, the symmetrical triangle is in play,
A breakout on either side could be significant, but there is more resistance than support at this juncture, so the current test could be a fakeout.
The bears will be looking for a break of the prior hourly lows for a daily downside extension.
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