NZD/CHF Price Analysis: Bulls testing the bear's commitments

NZD/CHF bulls in control, but they could be running into the bear's trap.
Eyes on a significant and necessary correction of long bullish daily impulse.

Ross J Burland FXStreet

The price of NZD/CHF has extended the upside in the open which leaves attention on the downside as the most probable path of least resistance in coming sessions.

The following illustrates the prospects of a significant daily retracement and how it could be traded from an hourly perspective.

Daily chart

Hourly chart

The conditions are still bullish but a correction and a break of subsequent support will put the bulls on track for a downside target as stated on the daily chart.

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.

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