NZDCHF Wave Analysis – 20 September, 2019

NZDCHF falling inside impulse wave (iii)
Further losses likely toward 0.6160

NZDCHF continues to fall inside the short-term impulse wave (iii) which started earlier from the resistance area located between the resistance level 0.6400 (former support from June) and the 50% Fibonacci correction of the weekly impulse (i) from July.

The downward reversal from the aforementioned resistance area created the weekly reversal pattern Shooting Star.

NZDCHF is expected to fall further and retest the next support level 0.6160 (low of the previous impulse wave (i) from August).

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The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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