NZD/CHF: Testing mid-term support

Chris Capre 2ndskiesforex

Price Action Context

Following the strong bearish reversal from ~0.63 in early June, the pair has been consolidating within a mid-term corrective structure and is now testing the key support around 0.6050 for a fourth time.

Trending Analysis

Our mid-term bias remains bullish whilst price can stay above 0.6040. Should bulls successfully defend this support, a move up towards 0.62 is in the cards, whilst a strong break and close below 0.6040 would change our mid-term bias to bearish with the next solid support coming in at around 0.5970.

Closest Support & Resistance Zones

Resistance: 0.6180 – 0.6225
Support: 0.6040 – 0.6070

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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