NZDCHF Wave Analysis – 20 December , 2018

• NZDCHF broke support area
• Further losses are likely

NZDCHF recently broke through the support area lying between the key support level 0.6750 (which stopped the previous short-term correction (iv) in November), 38.2% Fibonacci correction of the previous upward impulse from October, support trendline of the daily up channel from September and the 200-day moving average.

The breakout of this support area accelerated the active impulse wave 3 which belongs to the medium-term impulse wave (C) from the start of December.

NZDCHF is expected to fall further and re-test the next support level 0.6650 (target price for the completion of the active impulse wave 3).