FX.co ★ NZDCHF is facing bullish pressure, potential for further upside!

NZDCHF is facing bullish pressure from ascending trend line support. Prices might bounce off 1st support which is in line with 61.8% fibonacci retracement and 50% fibonacci extension. Prices might push towards 1st resistance which is a horizontal swing high resistance which coincides with 61.8% fibonacci extension. If prices fall through, it might reach 2nd support which is tagged to a horizontal swing low support which coincides with -68% fibonacci retracement and 100% fibonacci extension. Stochastics is also approaching support level of 2.19 before a bounce could be seen.

Trading Recommendation

Entry: 0.66636

Reason for Entry:

61.8% fibonacci retracement, 50% fibonacci extension

Take Profit: 0.67150

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci extension

Stop Loss: 0.66363

Reason for Stop Loss:

Horizontal swing low support, -68% fibonacci retracement, 100% fibonacci extension