NZDCHF Wave Analysis – 24 May 2023

• NZDCHF broke the support level 0,5500

• Likely to fall to support level 0.5475

NZDCHF today broke the support level 0,5500 (which reversed the price earlier this month).

The breakout of the support level 0,5500 should accelerate the active short-term impulse wave 3 – which belongs to the longer term downward impulse sequence (C) from December .

Given the overriding daily downtrend, NZDCHF can be expected to fall further toward the next support level 0.5475 (low of wave b from the start of May).