NZDCHF Wave Analysis 18 October 2023

– NZDCHF falling inside weekly impulse 3

– Likely to fall to support level 0.5200

NZDCHF continues to fall inside the sharp weekly downward impulse 3, which started earlier from the key resistance level 0.5450 (former strong support from the middle of this year).

The downward reversal from the resistance level 0.5450 continues the strong multi-year downtrend inside which the pair has been moving from the start of 2022.

Given the widespread CHF gains and NZD outflows, NZDCHF can be expected to fall further toward the next support level 0.5200 (low of the previous impulse wave 1).