NZD/CHF Price Analysis: Bulls engage for a 1:3 R/R setup
- NZD/CHF has played out perfectly since prior analysis to trigger a long setup.
- Bulls to target 0.6820 for a 1:3 R/R ratio.
Further to the start of the week's analysis, NZD/CHF Price Analysis: Bulls look to 0.6820 in a trend continuation playbook, the price has indeed printed the roadmap required for a long position to target 0.6820.
Prior analysis, 4-hour chart
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''...from a 4-hour perspective, there could be some downside to come yet and a test of old resistance would offer structure to protect a subsequent position in a resumption in the upside.
Bulls will be looking for overhead resistance to give and offer a higher probability setup for the 0.6820 target.''
Live market, 4-hour market
-637503216515786810.png)
As illustrated, the price performed exactly as forecasted and right into the hands of the bulls seeking bullish structure from which to enter from and administer a setup as follows:
-637503219859955230.png)
A buy limit placed at old resistance offers a 1:3 risk to reward higher probability set up with a stop loss below the newly created bullish structure and take profit at the projected target.
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.
