NZD/CHF the big move higher

Mthokozisi Mpofu Knars Capital

The chart below shows NZDCHF. We had a nice break out lower from our corrective triangle labelled wave (b) and an impulse in wave (c). The correction seems to be abc zigzag to complete wave iv.

We believe the correction lower is complete and we can start looking for higher levels from here. The current move higher has been slow so we are expecting a pullback lower to around 0.65505 level as a possible retest before we continue higher.

This pullback will make a good buying opportunity once we have confirming price action. We are looking to target 0.67000 and 0.68354 to complete wave v.

No key news events to look out for this week.

Res: 0.66666; 0.67017; 0.68359
Sup: 0.65410; 0.65000; 0.64145

Author

Mthokozisi Mpofu

Knars Capital

Mthokozisi Mpofu is the Managing Director of Knars Capital Pvt Ltd, an investment advisory firm helping African SMEs secure growth capital and become investor-ready.

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