Technical analysis

NZDCHF Wave Analysis 2 February, 2021

NZDCHF Wave Analysis 2 February, 2021

• NZDCHF reversed from resistance area

• Likely to fall to 0.6315

NZDCHF today reversed down from the resistance area set between the key resistance level 0.6440 (former monthly high from January) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous impulse wave (iii) from the middle of January.

Given the clear bearish divergence on the daily Stochastic indicator – NZDCHF can be expected to fall further toward the next support level 0.6315 (low of the previous correction (ii) from January).

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