Technical analysis

NZDCHF Wave Analysis 20 October, 2020

NZDCHF Wave Analysis 20 October, 2020

• NZDCHF  broke support area

• Likely to fall to 0.5900

NZDCHF recently broke sharply below the support area lying between the key support level 0.6010 (which stopped the previous short-term wave (a)) and the 50% Fibonacci retracement of the upward correction 2 from August.

The breakout of this support area accelerated the active short-term impulse waves 3 and (iii).

NZDCHF is likely to fall further toward the next support level 0.5900 (forecast price for the completion of the active minor impulse wave (iii)).

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