NZD/CHF, on a larger timeframe we have a corrective channel in play. The corrective channel has provided trading opportunities in both directions, however, from a swing traders perspective, we have mainly been looking at buying the dip.
The chart below shows an impulsive move higher and a correction currently in play to complete wave iv before we continue higher. We have labelled wave c of iv as an ending diagonal and we are now looking for a move lower to test the 61.8 Fibonacci level.
We normally expect wave iv to retrace about 38.2 of wave iii however it can correct more and is just a guideline. We can expect a move higher from here targeting minimum the wave iii high.
Key news events to look out for this week: Thursday 16th September GDP q/q for NZD.
Res: 0.61061; 0.61478; 0.61867
Sup: 0.60417; 0.60244; 0.60000
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