Technical analysis

NZDCHF Wave Analysis – 12 May 2023

• NZDCHF reversed from resistance level 0.5635

• Likely to fall to support level 0.5500

NZDCHF currency pair recently reversed down from the key resistance level 0.5635 (former strong support from the start of March), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 0.5635 created the daily candlesticks reversal pattern Shooting Star.

Given the strong daily downtrend, NZDCHF can be expected to fall toward the next support level 0.5500.

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