NZD/CHF: Below 0.61 re-energizes bear risks – FXStreet Signals

Gonçalo Moreira, CMT Independent Analyst

Our NZDCHF short triggered yesterday by the Spread Reversion 4H strategy may soon reach its target. The strategy entered short at 0.6150 and its dynamic exit levels imply take profit should come anytime. Coincidentally the pair is just a shade above a multi-month ascending trendline (now support) around 0.6100. The amount of demand we saw at this level on the opening yesterday may be removed now, and the downside vulnerability increases. A break below the mentioned line communicates risks for the downward trajectory initiated in March to resume into August.

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Author

Gonçalo Moreira, CMT

Independent Analyst

As a trader in the foreign exchange market since 2005, Gonçalo Moreira honed his analytic and strategic skills through the Chartered Market Technician (CMT) designation. 

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