NZD/CHF Price Analysis: Bulls await conviction in a daily bull extension

NZD/CHF bulls take back control and test a critical level of resistance.
A break of resistance offers a daily continuation prospect.

Ross J Burland FXStreet

NZD/CHF is holding the 10-day moving average and following completion of a compelling correction, the bulls are back in control testing critical resistance.

The following illustrates the weekly, daily and 40hour time frame's and price action as well as market structure.

Weekly chart

The weekly price action has already tested the deep Fibonacci support and confluence of structure. The price has bolted into a supply area.

That being said, the daily chart remains bullish with prospects of an upside extension from a 50% Fibonacci retracement area.

Daily chart

While the weekly resistance could be troublesome, the daily chart is showing bullish tendencies with the latest impulse to daily resistance and support.

4-hour chart

A break of the current resistance will possibly be followed by a pullback to restest the structure offering the bulls a discount.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold moves closer to $5,150 amid sustained safe-haven flows

Gold climbs back above $5,100 during the Asian session on Wednesday, moving away from an over one-week low, touched the previous day. Sustained safe-haven flow, amid escalating geopolitical tensions in the Middle East, acts as a tailwind for the bullion. However, a bullish US Dollar and reduced bets for more aggressive easing by the US Fed might keep a lid on the non-yielding yellow metal ahead of the US ADP report and ISM Services PMI later today.