NZDCHF Wave Analysis 13 November, 2020

• NZDCHF reversed from resistance zone

• Likely to fall to 0.6200

NZDCHF recently reversed down from the powerful resistance zone located between the long-term resistance level 0.6300 (which has been reversing the price from February) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily Bearish Engulfing – which started the active short-term impulse wave 1.

NZDCHF is likely to fall down further toward the next support level 0.6200 (target price for the termination of the active minor impulse wave (i)).