Technical analysis of NZD/CHF for January 06, 2016 Market Analysis Review

The NZD/CHF pair is clearly trending upwards since August 25, 2015 and the price is moving within the ascending channel.

Currently, the price is retesting the lower trend line of the channel and S1 support at the same time. The S1 support is 38.2% Fibonacci retracement level applied to the low of December 9 and the high of December 31. The price could still go slightly lower to test either 50% or 61.8% Fibonacci, but only a breakout of S3 could change the trend.

While S3 is holding, consider buying NZDCHF near the lower trend line of the channel, targeting either 0.6900 or 0.7000 psychological resistance levels. Stop loss should be placed below S3 (61.8% Fibs).

Support: 0.6710, 0.6660, 0.6615

Resistance: 0.9600, 0.7000

The material has been provided by InstaForex Company - www.instaforex.com

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