NZD/CHF Price Analysis: Bulls look to 0.6820 in a trend continuation playbook
- NZD/CHF bulls seeking an upside extension to test the 0.68 area.
- The price is still below an important resistance and a test of old resistance, new support, would be preferable.
NZD/CHF is forming an upside bias on the daily chart with some work yet to do on the 4-hour time frame before bulls might want to commit towards an upside extension.
NZD/CHF daily chart
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As can be seen, the price has been supported on a significant correction and the 10-day SMA is offering buttress to the upside bias.
A target of 0.6820 is a measured -272% Fibonacci retracement of the daily correction's range.
4-hour chart
-637502378953292144.png)
However, 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.
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.
